PENNSYLVANIA POWER <PPL> OFFERS PREFERRED STOCK
Pennsylvania Power and Light Co
said it will offer 500,000 shares of 6-7/8 pct series preferred
stock at 100 dlrs per share and 500,000 shares of 7-3/8 pct
series preferred stock at the same price, plus accumulated
dividends from the date of original issuance.
    The First Boston Corp, Drexel Burnham Lambert Inc, Merrill
Lynch Capital Markets and Prudential-Bache Capital Funding are
the underwriters offering the stock, said Pennsylvania Power.
    The 6-7/8 pct series preferred stock is redeemable at any
time, at the option of the company at 106.88 pct per share on
or before March 31, 1992, and declining to 100 pct on and after
April 1, 1994, the company said.
    The company added that no optional redemption may be made
prior to April 1, 1994, with or in anticipation of borrowed
funds or senior or parity stock having an effective cost of
less than 6.88 pct per annum.
    The 6-7/8 pct series preferred stock will have a mandatory
sinking fund in the amount of 100,000 shares in each year
commencing on April 1, 1993, calculated to retire the issue no
later than April 1, 1997.
    The company has the non-cumulative option to retire an
additional 100,000 shares on any sinking fund payment date, it
said.
    Pennsylvania Power said the 7-3/8 pct series preferred
stock is redeemable at any time, also, at the option of the
company at 107.38 dlrs per share on or before March 31, 1992,
and declining to 100 pct on and after April 1, 2002.
    The company said that no optional redemption may be made
prior to April 1, 1992, with or in anticipation of borrowed
funds or senior or parity stock having an effective cost of
less than 7.38 pct per annum.
    Pennsylvania Power said the 7-3/8 pct series preferred
stock will have a mandatory sinking fund of 25,000 shares in
each year commencing April 1, 1993, calculated to retire the
issue no later than April 1, 2012.
    It said it has the non-cumulative option to retire an
additional 25,000 shares on any sinking fund payment date.
 Reuter
