Two units of Pennsylvania-based Allegheny Energy Inc. to sell $465M
Daily Record, The (Baltimore), Mar 27, 2007 by Daily Record Staff
Two units of Pennsylvania-based Allegheny Energy Inc., Potomac Edison Co. and Monongahela Power Co. in West Virginia, plan to sell $465 million of bonds with top AAA ratings and backed by a surcharge on customers' bills, in the first sale of ratepayer-backed debt to pay for pollution-control equipment.
The 500,000 electric customers will save money on the sale because the interest cost for the new bonds will likely be lower than if the utilities had sold BBB rated bonds backed by their own credit, according to a person familiar with the offering.
Copyright 2007 Dolan Media Newswires
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