Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

New York State Electric & Gas Corporation Deal - Lehman Brothers Collection

New York State Electric & Gas Corporation

Company Dealissuance, sale, and delivery of $50,000,000 principal amount of first mortgage bonds 8 1/2% series due May 1, 1975
Transaction TypeFirst Mortgage Bonds
Deal DescriptionNew York State Electric & Gas Corporation applied the net proceeds from this transaction to the payment or prepayment of unsecured short-term debt. At the time of the deal, the company was engaged in an on-going construction project, which included the completion of its Homer City Project.This project involved the joint construction with the Pennsylvania Electric Company ("Penelec") of a 1,280,000 kilowatt mine-mouth generating station at a site located near Homer City, Pennsylvania. This generating station, which consisted of two 640,000 kilowatt units, was jointly owned and operated by the company and Penelec as tenants in common owning equal undivided interests, and each company received one-half of the capacity and energy available from the station. The first unit was placed in service on July 31, 1969. The second unit was scheduled for completion in December, 1969. Varying amounts of power from the company's share of this generating station were sold to other utility companies.
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