Salt Lake Telegram | 1946-04-16 | Page 9 | UP & L Receives Permit to Retire Bonds

u P 1 Receives o oRe Re ire Bonds PHILADELPHIA April 16 UP UPi The The securities ah and exchange commission approved J Tuesday a proposal of Utah Power Light Ligh t Co to issue and sell seIl first mortgage bonds and bank notes in order to refund its outstanding first mortgage mortgage mort mort- ga gage c bonds and debentures The plan calls for the sale at competitive bidding of of new mortgage bonds and the Issue and sale to certain banks of of bank notes over a year two period The S SEC E C reserved jurisdiction over the thc price to be paid to Utah Power Light for the bonds the interest rate redemption prices underwriting discount and legal fees Although no date has been set it itis itis itis is expected that competitive bids for the sales of the thc bonds will be received by the company within two weeks the company's public rela relations of office ice said When the company filed its plan of refinancing its bonded debt on March l 20 it was explained that the object was to reduce carrying charges on the debt by taking advantage advantage advantage ad ad- vantage of prevailing low rates of interest on bonds and short term bank loans Joans The plan contemplates retirement retirement retirement retire retire- ment of the outstanding 3 3 bonds with an Issue of new year 30 bonds in bank loans and in treasury treasury treasury treas treas- ury cash The plan calls for coupon bon bonds s with a fixed interest rate which rate shall shaH be a multiple of JM H of 1 but not more than Ulan 3 and that the price shall shaH be not less than the principal amount or more marc than of the principal amount of the bonds The interest rate will willbe willbe be fixed by competitive bidding within these limits The company recently was re re re- capitalized giving full equity to the thc preferred stockholders who are arc arenow arenow now in the process o of exchanging this stock for new common stockA stock I A share per dividend was recently recently re rc- re- re declared on this stock payable payable payable pay pay- able May 1 to stockholders of record as of oC Tuesday