Printer Friendly

TENDERS RECEIVED BY HOUSTON LIGHTING & POWER

 TENDERS RECEIVED BY HOUSTON LIGHTING & POWER
 HOUSTON, April 2 /PRNewswire/ -- Houston Lighting & Power Company


(HL&P) (NYSE: HOU) announced today that its tender offer for any and all of its First Mortgage Bonds, 9-1/4 percent Series due Dec. 1, 2008, at $1,010 per $1,000 principal amount (plus accrued interest) expired at 5 p.m. on Tuesday, March 31, 1992, in accordance with its terms.
 HL&P stated that $56,633,000 aggregate principal amount of the bonds (approximately 57 percent of the outstanding principal amount of the bonds) were tendered pursuant to the offer and that all such bonds have been accepted for payment pursuant to the terms of the offer.
 Accrued interest will be paid to April 7, 1992, and $43,367,000 aggregate principal amount of the 9-1/4 percent bonds will be outstanding thereafter.
 On March 26, 1992, HL&P deposited approximately $257 million in the replacement fund relating to its first mortgage bonds and expects to use a portion of these funds in May 1992, to redeem, at 100 percent of their principal amount plus accrued interest, all of the 9-1/4 percent bonds that were not tendered and accepted for payment under the offer. In addition, HL&P expects to redeem other first mortgage bonds subject to special redemption with moneys held in the replacement fund.
 HL&P also announced that its tender offer for any and all of seven series of pollution control revenue bonds issued on behalf of HL&P by the Brazos River Authority and the Matagorda County Navigation District Number One expired on March 31, 1992, in accordance with its terms.
 HL&P stated that $99,915,000 aggregate principal amount of the pollution control bonds (approximately 27 percent of the outstanding principal amount of the seven series) were validly tendered pursuant to the offer. The aggregate principal amount of tenders and the offered price per $1,000 principal amount (plus accrued interest) for each series of bonds are:
 Brazos River Authority Pollution Control Revenue Bonds
 (Houston Lighting & Power Company Project)
 $5,255,000 of the 9-7/8 percent Series 1982 due 2012 at $1,078.00
 $7,065,000 of the 10-1/2 percent Series 1983 due 2003 at $1,137.90
 $9,370,000 of the 10-5/8 percent Series 1983 due 2013 at $1,139.90
 $5,735,000 of the 9-3/4 percent Series 1985A due 2005 at $1,177.20
 $12,320,000 of the 9-7/8 percent Series 1985A due 2015 at $1,179.30
 Brazos River Authority Pollution Control Revenue Refunding Bonds
 (Houston Lighting & Power Company Project)
 $4,075,000 of the 9-7/8 percent Series 1982 due 2012 at $1,078.00
 Matagorda County Navigation District Number One Pollution Control
 Revenue Bonds
 (Houston Lighting & Power Company Project)
 $56,095,000 of the 10 percent Series 1985A due 2015 at $1,190.80
 HL&P's obligation to purchase and pay for the tendered bonds is subject to, among other things, the issuance of certain refunding bonds by the Brazos River Authority and the Matagorda County Navigation District Number One.
 -0- 4/2/92
 /CONTACT: Sandy Brendler of Houston Industries, 713-629-3123/
 (HOU) CO: Houston Lighting & Power Company ST: Texas IN: UTI SU: OFR


PS -- NY082 -- 4625 04/02/92 17:52 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 2, 1992
Words:550
Previous Article:TIRE-FUELED GENERATING STATION ON TRACK IN WOLVERHAMPTON, ENGLAND
Next Article:ALTEON ANNOUNCES FINANCIAL RESULTS FOR FISCAL YEAR ENDED DEC. 31, 1991


Related Articles
HOUSTON LIGHTING & POWER OFFERS TO PURCHASE BONDS
HOUSTON LIGHTING & POWER SOLICITS PROPOSALS FOR FORWARD CONTRACTS
HOUSTON LIGHTING & POWER OFFERS TO PURCHASE BONDS
HOUSTON LIGHTING & POWER OFFERS TO PURCHASE BONDS
TENDERS RECEIVED BY HOUSTON LIGHTING & POWER
HOUSTON LIGHTING & POWER OFFERS TO PURCHASE BONDS
HOUSTON LIGHTING & POWER OFFERS TO PURCHASE BONDS
PR Newswire Photo Advisory, Tuesday, October 31, 2000; 6 p.m. EDT.
New Board Governors Bies and Olson sworn in to office. (Announcements).
Swearing-in ceremony for Governors Bies and Olson. (Announcements).

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters