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PENNSYLVANIA POWER & LIGHT CO. OFFERS $300 MILLION OF FIRST MORTGAGE BONDS

 ALLENTOWN, Pa., Jan. 26 /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., Morgan Stanley & Co. Inc., Salomon Brothers Inc., and Goldman, Sachs & Co.
 One series of the bonds in the amount of $200 million and maturing on Feb. 1, 2023, will be offered to the public by the underwriters at 99.26 percent of face value to provide a yield to maturity of 7.94 percent. The second series of the bonds in the amount of $100 million and maturing on Feb. 1, 2003, will be offered at 99.465 percent to provide a yield to maturity of 6.95 percent.
 The net proceeds from the sale, together with other funds provided by PP&L, will be used to redeem, on or about March 1, 1993, through the maintenance and replacement fund provisions of the company's mortgage, $125 million of first mortgage bonds, 9-3/4 percent series, due 2005 at a redemption price of 100 percent; $100 million of first mortgage bonds, 9-3/4 percent series, due Nov. 1, 2005 at a redemption price of 100 percent, and $80 million of first mortgage bonds, 9-1/4 percent series, due 2004 at a redemption price of 100.36 percent, together, in each case, with accrued interest.
 Pending these redemptions, proceeds from the sale either will be invested by PP&L in short-term money market instruments or used to reduce the company's short-term debt.
 The 2023 series bonds are not redeemable by the company for the first 10 years. Thereafter, they are redeemable at 103.57 percent for bonds called during the 12-month period ending Jan. 31, 2004, and declining annually thereafter to 100 percent after Jan. 31, 2013, in each case with accrued interest. The 2003 series bonds are not redeemable prior to maturity.
 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- 1/26/93
 /CONTACT: John R. Biggar of Pennsylvania Power & Light, 215-774-5613/
 (PPL)


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

MJ -- PH043 -- 9247 01/26/93 16:09 EST
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Publication:PR Newswire
Date:Jan 26, 1993
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