Old Dominion Electric calls mortgage bonds issued before Sept. 1, 2001

By Susanna Moon

Chicago, Dec. 22 - Old Dominion Electric Cooperative plans to redeem the $1 million of its outstanding mortgage bonds issued before Sept. 1, 2001, according to an 8-K filing with the Securities and Exchange Commission.

Old Dominion plans to issue a notice of redemption before the end of the year.

The consumer-owned power supplier based in Glen Allen, Va., has outstanding obligations issued under its indenture of mortgage dated as of May 1, 1992 with Branch Banking and Trust Co.

The indenture currently grants a lien on substantially all of the cooperative's real property and tangible personal property and some of its intangible personal property.

In 2001, Old Dominion entered into a supplemental indenture to release its lien on the property and make other changes.

This amended indenture will become effective when all obligations under the notes issued prior to Sept. 1, 2001 cease to be outstanding or when the holders of those obligations consent to the effectiveness of the indenture.

There is $1 million of outstanding obligations issued under the indenture prior to Sept. 1, 2001.

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