GREENSBURG, Pa., June 26, 2009 – Allegheny Energy, Inc. (NYSE: AYE) announced today the issuance of $235 million (principal amount) of tax-exempt bonds with a coupon of 7.00 percent and a 30-year maturity. The bonds will be issued by the Pennsylvania Economic Development Financing Authority for the benefit of Allegheny Energy Supply Company, LLC.
Allegheny Energy Supply intends to apply the net proceeds to the costs of its Hatfield’s Ferry flue gas desulfurization (scrubber) project in Greene County, Pa. Allegheny expects the bond issuance to be completed on July 6, 2009.
The bonds have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
Allegheny Energy : Headquartered in Greensburg, Pa., Allegheny Energy is an investor-owned electric utility with total annual revenues of over $3 billion and more than 4,000 employees. The company owns and operates generating facilities and delivers low-cost, reliable electric service to 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia.
SOURCE: www.alleghenyenergy.com.
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