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VIRGINIA ELECTRIC AND POWER COMPANY OFFERS TO PURCHASE BONDS

 RICHMOND, Va., Oct. 12 /PRNewswire/ -- Virginia Electric and Power Company today said that it is offering to purchase any and all of its outstanding First and Refunding Mortgage Bonds of 1990, Series A, 9-3/4 percent, due March 1, 2020. Merrill Lynch will serve as the exclusive dealer manager of the offering.
 The purchase price will be determined by using a yield to maturity of the U.S. Treasury 3-7/8 percent note due Feb. 28, 1995, at the time the holder agrees to tender such bond, plus a fixed spread of 0.15 percent (15 basis points). In addition, Virginia Electric and Power Company will pay accrued interest to the date of settlement. The date of settlement will be five business days after the date of each acceptance.
 Bondholders may obtain the purchase price for the bonds at a particular time by contacting Marc Garcia or Michael Regan of Merrill Lynch, collect, at 212-449-4698.
 The offer to purchase expires at 5 p.m. EDT, Oct. 21, 1993, unless extended by Virginia Electric and Power Company.
 Virginia Electric and Power Company will use the proceeds from $200 million of 30-year, 6.75 percent First and Refunding Mortgage Bonds, priced Oct. 12, to finance the tender.
 -0- 10/12/93
 /CONTACT: Charles H. Taylor of Virginia Electric and Power Company, 804-771-6115/
 (MER)


CO: Virginia Electric and Power Company; Merrill Lynch ST: Virginia IN: FIN SU:

MH-DC -- DC022 -- 1261 10/12/93 16:07 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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