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PHILADELPHIA ELECTRIC SELLS $125 MILLION OF MORTGAGE BONDS THROUGH COMPETITIVE BIDDING

 PHILADELPHIA ELECTRIC SELLS $125 MILLION OF MORTGAGE
 BONDS THROUGH COMPETITIVE BIDDING
 PHILADELPHIA, June 4 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) announced today that it sold through competitive bidding $125 million of First and Refunding Mortgage Bonds, 8-5/8 percent Series due 2022.
 The Mortgage Bonds were purchased by a group of underwriters headed by The First Boston Corporation. The winning bid has a stated interest rate of 8-5/8 percent and a price of 98.481 percent, resulting in a net interest cost to the Company of 8.77 percent. The Mortgage Bonds are being offered to the public at 98.80 percent for a yield of 8.74 percent.
 The Mortgage Bonds will be issued in fully registered form. The company does not intend to apply for listing of the Mortgage Bonds on any stock exchange.
 Additionally, the board of directors today approved the call of the $125 million 11 percent Mortgage Bonds due 2016 in their entirety with the funds for the redemption to be primarily provided from the net proceeds of today's sale of Mortgage Bonds.
 The redemption of the 11 percent Mortgage Bonds is dependent upon the settlement of the $125 million of Mortgage Bonds sold today. The anticipated redemption date for the 11 percent Mortgage Bonds is July 15, 1992. The redemption price of the 11 percent Mortgage Bonds is $108.63 plus accrued interest.
 /delval/
 -0- 6/4/92 R
 /CONTACT: Bill Jones of Philadelphia Electric, 215-841-4129/
 (PE) CO: Philadelphia Electric Company; The First Boston Corporation ST: Pennsylvania IN: UTI SU:


CC -- PH027 -- 7191 06/04/92 16:36 EDT
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Publication:PR Newswire
Date:Jun 4, 1992
Words:266
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