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Show I . f " M 'i : : .. Xu : tr. ' I " ' ' Van Welch, Commander of the Cleaveland-Day p0. h 9323 of the VFW organization, Wednesday preSffl. ed a check for $25 to George Hayes, finance 0ffiCi. U of the American Legion Post 54. The check is , be used for redecoration of the Legion as part o-' :i its "new birth." b tJPUL Accepts Bids on Big Security Offering dlrectoris Tuesday accepted bids on a security offering at competitive bidding, of 455,001) shares of common stock and sales of $30 million mil-lion of first mortgage bonds. 1 The stock' and bond offering offer-ing brought the utility approximately ap-proximately $45 million. Proceeds Pro-ceeds from the sale will be used to retire . short-term' borrowings incurred for recent re-cent com'stiiuction and to carry forward the company's current expansion program. .. The successful . bidder for the 30-year first mortgage., 9Vi percent bonds was an lUEiierwriteir group led by Salmon Brothers & Hutzler. iwhic'h bid 100.654 per $100' principal, 'amount at an interest in-terest rate of 9.1,8557 percent to the Company for the $30' mlillion principal amount of the. bonds. The. bonds will. Ibe reoffered to tine public at 101.534 to yield 910 percent. per-cent. This Is thle highest annual an-nual cost of the money the utility has had to pay in the history of its financing. The successful bidder for 'the 450,000 shares; of common com-mon stock of the company was an underwriter group led bly The First R-y.-, Corp. This group bid 531';; ' per share of stock to f. company and will reo!: the stock to fe public , 1 March 25 at $32.25 per ste Last security offering ; Utah Power & Light Co r if in 1968 when it sold $30 1-lion 1-lion in first mortgage te and of preferred stock, t common stock sold by t '.. utility was .in 1957. Cunt annual dividend rate on t ' company's common stock .; $1.92 per share. |