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PENNSYLVANIA POWER & LIGHT CO. OFFERS $150 MILLION OF FIRST MORTGAGE BONDS

 ALLENTOWN, Pa., Oct. 18 /PRNewswire/ -- Pennsylvania Power & Light Co. today offered $150 million of first mortgage bonds to the public through an underwriting group consisting of The First Boston Corp., Goldman, Sachs & Co., Morgan Stanley & Co. Inc. and Salomon Brothers Inc.
 The bonds, which will mature Oct. 1, 2023, will be offered to the public by the underwriters at 98.979 percent of face value to provide a yield to maturity of 6.83 percent.
 The net proceeds from the sale will be used to redeem, on or about Dec. 1, 1993, $125 million of first mortgage bonds, 9 percent series, due in 2016 at a redemption price of 105.99 percent, together with accrued interest, and to retire short-term debt.
 The transaction is part of PP&L's ongoing effort to reduce interest and dividend costs through the refinancing of high-cost securities.
 PP&L supplies electricity to a 10,000-square-mile area of 29 counties in Central Eastern Pennsylvania. Among the communities it serves are Allentown, Bethlehem, Harrisburg, Hazleton, Lancaster, Scranton, Wilkes-Barre and Williamsport.
 /delval/
 -0- 10/18/93
 /CONTACT: John R. Biggar of Pennsylvania Power & Light, 215-774-5613/


CO: Pennsylvania Power & Light ST: Pennsylvania IN: SU: OFR

JM -- PH039 -- 3578 10/18/93 16:44 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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