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PHILADELPHIA ELECTRIC SELLS $140 MILLION OF PREFERRED STOCK

 PHILADELPHIA ELECTRIC SELLS $140 MILLION OF PREFERRED STOCK
 PHILADELPHIA, Oct. 13 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) (PE) announced today that it has sold 5.6 million Depositary Shares, each representing one-fourth of a share of the company's new issue of 1.4 million shares of $7.96 Cumulative Preferred Stock, through Lehman Brothers; Kidder, Peabody & Co. Incorporated; Merrill Lynch & Co.;and Dean Witter Reynolds Inc.
 Each Depositary Share has a liquidation value of $25 per share and an annual dividend rate of $1.99, which results in an annual effective yield of 7.96 percent.
 An initial dividend on the $7.96 Cumulative Preferred Stock, covering the period from Oct. 20 to Nov. 1, 1992, has been declared and is payable Nov. 1, 1992, to shareholders of record as of Oct. 20, 1992. The ex-dividend date for the Depositary Shares will be Oct. 14, 1992. The company has made applications to list the Depositary Shares on the New York and Philadelphia Stock Exchanges.
 The Depositary Shares are not subject to redemption prior to Oct. 1, 1997. The Depositary Shares are not subject to any sinking fund provisions.
 Additionally, the board of directors today approved the call of the $9.50 Series Preferred Stock and the $8.75 Series Preferred Stock in their entirety with the funds for the redemption to be provided from the proceeds of today's sale of Depositary Shares. The anticipated redemption date for both issues is Dec. 1, 1992. The redemption price for both the $9.50 Series Preferred Stock and the $8.75 Series Preferred Stock is $101.00 per share plus accrued dividends. The redemption of both issues is dependent upon the settlement of the $140 million of Depositary Shares sold today.
 /delval/
 -0- 10/13/92
 /CONTACT: Diann Sweeney, 215-841-6996, or Bill Jones, 215-841-4129, both of Philadelphia Electric/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:


MJ -- PH031 -- 9464 10/13/92 15:56 EDT
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Publication:PR Newswire
Date:Oct 13, 1992
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