Pacific Power & Light Company
| Company Deal | first mortgage bonds 4 5/8% serial preferred stock, redemption of 6.16% preferred stock |
|---|---|
| Transaction Type | Serial Preferred Stock |
| Deal Description | Pacific Power & Light Company applied a portion of the net proceeds from this transaction to the retirement of bank borrowings which were made under a credit agreement to provide funds for the retirement of bonds assumed in merger. Another portion of the proceeds was applied to the redemption of the company's 6.16% serial preferred stock of the par value of $100 per share, plus unpaid accumulated dividends to the date of redemption. Another portion of the proceeds was used for the partial repayment of bank borrowings that were made under a credit agreement to provide funds for financing temporarily the company's construction program. |