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SAVANNAH ELECTRIC ANNOUNCES SALE OF FIRST MORTGAGE BONDS

 SAVANNAH, Ga., July 22 /PRNewswire/ -- Savannah Electric and Power Company, an operating subsidiary of The Southern Company (NYSE: SO), announced today the successful sale by competitive bid of two series of first mortgage bonds.
 The first series of $25 million 30-year bonds will mature on July 1, 2023. The successful bidder was Shearson Lehman Brothers, Incorporated with a coupon of 7.4 percent at 98.185 percent per bond. This results in a total cost to the company of 7.5537 percent. The bonds will be reoffered to the general public at 98.523 percent of the principal amount.
 The second series of $20 million 10-year bonds will mature on July 1, 2003. The successful bidder was Salomon Brothers, Incorporated with a coupon of 6.375 percent at 99.187 percent per bond. This results in a total cost to the company of 6.4868 percent. The bonds will be reoffered to the general public at 99.667 percent of the principal amount.
 Proceeds from the sale of bonds will be used to repay outstanding bank loans and other corporate purposes.
 -0- 7/22/93
 /CONTACT: Grace Arnold of Savannah Electric, 912-238-2263/
 (SO)


CO: Savannah Electric and Power Company; Shearson Lehman Brothers,
 Incorporated; Salomon Brothers Incorporated ST: Georgia IN: UTI SU:


RA-TG -- AT010 -- 4512 07/22/93 12:01 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
Words:220
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