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PENNSYLVANIA POWER & LIGHT CO. TO CONSIDER BOND REDEMPTIONS

 PENNSYLVANIA POWER & LIGHT CO. TO CONSIDER BOND REDEMPTIONS
 ALLENTOWN, Pa., Oct. 28 /PRNewswire/ -- Pennsylvania Power & Light Co. (NYSE: PPL) (PP&L) said today it is considering the redemption of up to three series of its first mortgage bonds under the maintenance and replacement fund provisions of these bonds.
 The three series of first mortgage bonds, which have a total principal amount of $305 million, originally were issued in the mid- 1970s to provide financing for the company's capital requirements.
 John R. Biggar, PP&L's vice president-Finance, said the three series of bonds the company is considering redeeming through the maintenance and replacement fund provisions are the 9-3/4 percent series due May 2005, with a total principal amount of $125 million; the 9-3/4 percent series due November 2005, with a total principal amount of $100 million; and the 9-1/4 percent series due April 2004, having a total principal amount of $80 million.
 Under the terms of these bonds, the redemption price for the two 9-3/4 percent series bonds would be 100 percent of the principal amount and the redemption price for the 9-1/4 percent series bonds would be 100.36 percent of the principal amount, Biggar said.
 "We are considering the redemption of these three series of bonds through the maintenance and replacement fund provisions as part of the company's plan to reduce its overall cost of financing," Biggar said.
 "If completed, these redemptions are expected to occur during the first quarter of 1993," Biggar said. "The exact timing will depend, however, on the company issuing additional first mortgage bonds to provide the funds necessary for the redemptions."
 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.
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 -0- 10/28/92
 /CONTACT: John R. Biggar of Pennsylvania Power & Light Co., 215-774-5613, or, fax, 215-774-5281/
 (PPL) CO: Pennsylvania Power & Light Co. ST: Pennsylvania IN: UTI SU:


CC -- PH055 -- 6237 10/28/92 16:44 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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