HOUSTON INDUSTRIES <HOU> UNIT TO BUY BACK BONDS
Houston Lighting and Power Co, a unit
of Houston Industries Inc, said it will redeem on May 4 at par
plus accrued interest about 140 mln dlrs of first mortgage
bonds.
    The utility expects the redemption will save it nearly
three mln dlrs annually in interest expenses. Houston Lighting
recently exchanged 390 mln dlrs of high coupon bonds for nine
pct bonds, saving about 11 mln dlrs in annual interest costs.
    Houston Lighting plans to buy back its outstanding 11-1/4
pct bonds of 2009, 12s due 2010, 12-3/8s of 2013 and 11-5/8s
due 2015 and part of its 10-1/8s of 2004.
 Reuter
