| Deal Description | New Jersey Power & Light Company applied the net proceeds from this transaction toward the redemption of its first mortgage bonds, 4 1/4% series due 1983, which were outstanding. Another portion of the proceeds was applied toward the payment of short-term promissory notes evidencing bank loans incurred for construction purposes. Any balance of proceeds was applied toward the 1954 construction program. The construction program included plant improvements, transmission facilities, distribution facilities, and other plant. |
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