Potomac Electric Power to redeem 5 3/8% bonds with offer proceeds

By Tali David

Minneapolis, March 29 - Potomac Electric Power Co. plans to use $38.3 million of the proceeds of its first-mortgage bond offering to redeem the outstanding 5 3/8% Potomac Electric Project pollution control revenue refunding bonds, 1994 series, or pollution control refunding bonds, according to a 424B2 filed on Wednesday with the Securities and Exchange Commission.

Potomac said it intends to use the remaining proceeds to repay its outstanding commercial paper and for general corporate purposes.

As of March 23, the company had $212.7 million of commercial paper outstanding with a weighted average interest rate of 0.42%.

Potomac Electric is a public utility that supplies electric power to Maryland.

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