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PE SELLS $475 MILLION OF MORTGAGE BONDS THROUGH COMPETITIVE BIDDING

 PHILADELPHIA, Oct. 25 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) (PECO) announced today that it sold through competitive bidding $475 Million of First and Refunding Mortgage Bonds.
 The Mortgage Bonds were sold in two issues: $225 Million 7-1/4 percent Series due 2024 and $250 Million 5-5/8 percent Series due 2001.
 The 7-1/4 percent Series Mortgage Bonds due 2024 were purchased by a syndicate headed by Lehman Brothers. The winning bid had an interest rate of 7-1/4 percent and a purchase price to the company of 98.669 percent. The 7-1/4 percent Series Mortgage Bonds due 2024 are being offered to the public at 99.025 percent for a yield of 7.33 percent.
 The 5-5/8 percent Series Mortgage Bonds due 2001 were purchased by a
syndicate headed by Citicorp Securities, Inc. The winning bid had an interest rate of 5-5/8 percent and a purchase price to the company of 98.048 percent. The 5-5/8 percent Series Mortgage Bonds due 2001 are being offered to the public at 98.391 percent for a yield of 5.88 percent.
 The two Mortgage Bond issues will be issued in fully registered form. The company intends to apply for listing both issues of the Mortgage Bonds on the New York Stock Exchange.
 Additionally, the Board of Directors today authorized a continuous fixed-spread tender offer by the company for any and all of the company's 10 percent First and Refunding Mortgage Bonds Series due 2000, 9-7/8 percent First and Refunding Mortgage Bonds Series due 2019, 10 percent First and Refunding Mortgage Bonds Series due 2019 and 10-1/2 percent First and Refunding Mortgage Bonds Series due 2020, currently outstanding in the aggregate principal amount of $475 million, none of which are currently redeemable from the proceeds of the Mortgage Bonds sold today. The proposed tender offer is contingent upon, and will not be commenced until after, the issuance of today's bonds.
 The net proceeds from today's sale of Mortgage Bonds will be used by the company to fund the purchase of the mortgage bonds to be acquired pursuant to the proposed tender offer. To the extent that the net proceeds of the Mortgage Bonds sold today exceed the amount needed to purchase tendered bonds, the company will redeem other series of its mortgage bonds which are currently redeemable.
 /delval/
 -0- 10/25/93 R
 /CONTACT: George Shicora, 215-841-5741, or Bill Jones, 215-841-4129, of Philadelphia Electric/
 (PE)


CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:

JM -- PH026R -- 6399 10/25/93 14:12 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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