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SPS ANNOUNCES OFFERING OF $190 MILLION IN BONDS AND REDEMPTION OF CERTAIN BONDS AND PREFERRED STOCK

 AMARILLO, Texas, Nov. 24 ~PRNewswire~ -- Southwestern Public Service Company (NYSE: SPS) today announced the underwritten public offerings of $90 million of First Mortgage Bonds, 6.875 percent Series due 1999, and $100 million of First Mortgage Bonds, 8.20 percent Series due 2022. Dillon, Read & Co. Inc. is managing underwriter of the bond offerings.
 Net proceeds from the sale of the new bonds will be applied to the redemption of the outstanding First Mortgage Bonds and series of preferred stock set forth below.
 The entire principal amounts of the following First Mortgage Bonds will be called for redemption on Dec. 24, 1992:
 -- $14,550,000 principal amount of the 8.45 percent Series due 2001, at 102.33 percent;
 -- $19,800,000 principal amount of the 7-5~8 percent Series due 2002, at 102.68 percent;
 -- $30 million principal amount of the 8-3~8 percent Series due 2007, at 104.05 percent;
 -- $90 million principal amount of the 9-1~8 percent Series due 2016, at 106.388 percent, together, in each case with accrued interest to the redemption date.
 Notices of redemption will be mailed to bondholders and bonds will be paid upon presentation and surrender to Chemical Bank, the trustee. Either mail to Chemical Bank, Debt Operations, GPO Station, P.O. Box 2862, New York, New York 10116-2862, or hand-deliver to Chemical Bank, Corporate Tellers, 55 Water Street-Room 234, Second Floor, North Building, New York, New York 10041.
 On Dec. 28, 1992, the company will redeem all 82,960 shares of its 7-5~8 percent cumulative preferred stock, $100 par value, at the redemption price of $105.026 per share, as well as all 170,000 shares of 9.68 percent cumulative preferred stock, $100 par value, at the redemption price of $106.26 per share, in each case with accrued dividends to the date of redemption.
 Notice of Redemption and a Letter of Transmittal will be mailed to holders of record of the preferred stock. Society National Bank, c~o Society Shareholder Services, Inc., will be the redemption agent. The stock certificates and the completed Letter of Transmittal may be mailed to: Society National Bank, c~o Society Shareholder Services, Inc., Attention: William D. Robinson, P.O. Box 2320, Dallas, Texas 75221-2320. Alternately, they may be hand-delivered to Society National Bank, c~o Society Shareholder Services, Inc., Attention: William D. Robinson, 1201 Elm Street, 32nd Floor, Dallas, Texas 75270.
 Southwestern Public service Company is a regional electric utility that primarily provides electric service to a population of about one million people in a 52,000-square-mile area comprising eastern and southeastern New Mexico, the South Plains and Panhandle of Texas, the Oklahoma Panhandle and southwestern Kansas. Corporate headquarters is in Amarillo, Texas.
 -0- 11~24~92
 ~CONTACT: Jim Steinhilper, group manager-finance, or Robert D. Dickerson, secretary and treasurer, 806-378-2843, of Southwestern Public Service Company~
 (SPS)


CO: Southwestern Public Service Company ST: Texas IN: UTI SU: OFR

SH -- NY049 -- 1087 11~24~92 13:14 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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