Southern Indiana Gas and Electric plans second offer to purchase outstanding auction rate debt

By Cristal Cody

Springdale, Ark., March 6 - Southern Indiana Gas and Electric Co. announced Thursday a second offer to purchase outstanding tax-exempt auction rate debt in an effort to convert to a daily interest rate mode.

The Vectren Corp. subsidiary will purchase the bonds at par plus accrued interest and convert them to a daily interest rate mode on March 12 and March 14, the company said in a statement.

The $17 million series 2007 Indiana environmental improvement revenue bonds are scheduled to convert to a daily rate mode on March 12.

The other bonds subject to the tender offer will convert on March 14.

Those bonds include $9.775 million series 1985 A adjustable rate pollution control revenue bonds; $22.55 million series 1993 B adjustable rate environmental improvement revenue bonds; and $31.5 million series 1998 A and $22 million series 1998 C Indiana Development Finance Authority pollution control refunding revenue bonds.

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