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PENNSYLVANIA POWER & LIGHT CO. OFFERS $275 MILLION OF FIRST MORTGAGE BONDS

 ALLENTOWN, Pa., April 14 /PRNewswire/ -- Pennsylvania Power & Light Co. (NYSE: PPL) (PP&L) today offered two series 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.
 One series of the bonds in the amount of $150 million and maturing on April 1, 1998, will be offered to the public by the underwriters at 99.782 percent of face value to provide a yield to maturity of 5.55 percent. The second series of the bonds in the amount of $125 million and maturing on April 1, 2005, will be offered at 99.014 percent to provide a yield to maturity of 6.62 percent. The new bonds are not redeemable prior to their respective maturity dates.
 The net proceeds from the sale will be used to redeem, on or about June 1, 1993, $125 million of first mortgage bonds, 9-1/2 percent series, due 2016 at a redemption price of 106.30 percent, and $125 million of first mortgage bonds, 9-1/4 percent series, due 1998 at a redemption price of 102.55 percent, together, in each case, with accrued interest, and to reduce short-term debt incurred to provide interim financing for the company's capital requirements. Pending these uses, proceeds from the sale will be invested by PP&L in short-term money market instruments.
 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- 4/14/93
 /CONTACT: John R. Biggar of Pennsylvania Power & Light, 215-774-5281/
 (PPL)


CO: Pennsylvania Power & Light Co. ST: Pennsylvania IN: UTI SU: OFR

MK-CC -- PH043 -- 0762 04/14/93 17:06 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
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