PacifiCorp, the parent company of Utah Power & Light Co., said it will redeem $8.8 million in outstanding 13 percent Utah Power first mortgage bonds.
The bonds will be redeemed at the special redemption price - $1,000 - plus accrued interest. The company intends to notify bond holders within 30 days, with the redemption to be completed within 60 days.The redemption will utilize funds deposited with the trustee for the maintenance and replacement of property securing the bonds.
The 30-year series, due 2012, originally totalled $90 million but Utah Power redeemed approximately $81.2 million of the bonds in April 1988 also using the maintenance and replacement fund.
Utah Power merged with PacifiCorp, a diversified electric utility headquartered in Portland, Ore., on Jan. 9