Allegheny Energy To Receive $235 Million From Tax-Exempt Bond Sale

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June 29, 2009 (FinancialWire) — Allegheny Energy, Inc. (NYSE: AYE) said it will see gross profits of around $235 million from the issuance 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 Co., LLC.

Allegheny Energy Supply plans to apply the net proceeds to the costs of its Hatfield's Ferry flue gas desulfurization project in Greene County, Pennsylvania. The bond issuance is scheduled to be completed on July 6.

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

Greensburg, Pennsylvania-based Allegheny Energy is an electric utility with posted annual revenues of over $3 billion and more than 4,000 employees. The company owns and operates generating facilities and delivers electric service to 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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