The Bell Telephone Company of Pennsylvania, a unit of the Bell Atlantic Corporation, said it had authorized the repurchase of some or all of the $150 million principal amount of its outstanding 40-year, 15 1/8 percent debentures, due April 5, 2021.
Bell said it had chosen Morgan Stanley & Company to act as agent in the repurchase, intended to reduce the amount of long-term debt and interest costs. It said the amount and timing of the reacquisition would depend on market conditions.
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