AZP GROUP <AZP> UNIT REDEEMS PREFERRED STOCK
AZP Group Inc said its subsidiary
Arizona Publc Service will redeem on June 1, 1987, all of its
outstanding shares of its 3.58 dlr cummulative preferred stock
Series O, 25 dlr par value.
    The redemption price will be 27.39 dlrs per share, plus
occurred dividends in accordiance with its terms of the orignal
offering, the company said. The company issued two mln shars of
the stock in May 1982.
    Retiring the series at the first call date will save the
compnay and its customers about three mln dlrs annually in 
financing costs, said the company.
 Reuter
