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PENNSYLVANIA POWER AND LIGHT SELLS $300 MILLION OF FIRST MORTGAGE BONDS

 PENNSYLVANIA POWER AND LIGHT SELLS
 $300 MILLION OF FIRST MORTGAGE BONDS
 ALLENTOWN, Pa., May 19 /PRNewswire/ -- Pennsylvania Power & Light Co. (NYSE: PPL) (PP&L) today sold two $150-million series of first mortgage bonds to 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, which will mature on May 1, 2022, will be offered to the public by the underwriters at 99.784 percent of face value to provide a yield of 8.52 percent. The second series of the bonds, which will mature on May 1, 2002, will be offered at 99.862 percent to provide a yield of 7.77 percent.
 A portion of the proceeds from the sale will be used to redeem $125 million of 10-7/8 percent series bonds due in 2016 at a redemption price of 107.46 percent and to redeem $125 million of 9-5/8 percent series bonds due in 1996 at a redemption price of 101.38 percent. The balance of the proceeds will be used to retire short-term debt incurred to provide interim financing for the company's capital requirements.
 The 2022 series bonds are not redeemable by the company for the first 10 years. Thereafter, they are redeemable at 104.14 percent for bonds called during the 12-month period ending April 30, 2003, and declining annually thereafter to 100 percent after April 30, 2012, in each case with accrued interest. The 2002 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- 5/19/92
 /CONTACT: John R. Biggar of Pennsylvania Power & Light, 215-774-5613/
 (PPL) CO: Pennsylvania Power & Light Co. ST: Pennsylvania IN: UTI SU:


LJ -- PH029 -- 1996 05/19/92 16:06 EDT
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Publication:PR Newswire
Date:May 19, 1992
Words:320
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