CENTRAL/SOUTH WEST <CSR> UNIT OFFERS PREFERRED
Central and South West Corp said its
Southwestern Electric Power Co subsidiary has sold at
competitive bidding to underwriters 40 mln dlrs of 6.95 pct
sinking fund preferred stock.
    It said winning underwriter Shearson Lehman Brothers Inc,
an American Express Co <AXP> subsidiary, is offering the shares
to the public at a price of 100 dlrs per share to yield 6.95
pct.  It said net proceeds to Central and South West were 99.25
dlrs for each of the 400,000 shares.  The issue is
nonrefundable for five years and a sinking fund starting in
1992 will retire three pct of the issue a year.
    The company has the option to repurchase another three pct
annually.
 Reuter
