BIRMINGHAM, Ala., April 9, 2015 /PRNewswire/ -- Alabama Power Company today announced an offering of additional Series 2015A 3.75% Senior Notes due March 1, 2045, as well as a new series of its senior notes to be designated the Series 2015B Senior Notes. On March 11, 2015, Alabama Power issued $550 million of its Series 2015A Senior Notes. 

Alabama Power intends to use the net proceeds of the offering of the additional Series 2015A Senior Notes and the Series 2015B Senior Notes for the proposed redemption of all or a portion of Alabama Power's 5.20% Class A Preferred Stock, 5.30% Class A Preferred Stock and 5.625% Preference Stock, and the remaining net proceeds, if any, will be used for general corporate purposes, including Alabama Power's continuous construction program. The aggregate redemption price for all of the outstanding 5.20% Class A Preferred Stock, 5.30% Class A Preferred Stock and 5.625% Preference Stock is $412 million plus accrued and unpaid dividends to the redemption date. Alabama Power intends to deliver the applicable redemption notices, if any, concurrently with the issuance of the additional Series 2015A Senior Notes and the Series 2015B Senior Notes.  The issuance of the redemption notices, if any, is conditioned upon the successful issuance of the additional Series 2015A Senior Notes and/or the Series 2015B Senior Notes.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC are acting as joint book-running managers for the offerings.

The securities described above will be issued pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) and prospectus supplements relating to the additional Series 2015A Senior Notes and the Series 2015B Senior Notes have been filed with the SEC. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146, J.P. Morgan Securities LLC collect at 1-212-834-4533, Scotia Capital (USA) Inc. toll-free at 1-800-372-3930 or Wells Fargo Securities LLC toll-free at 1-800-645-3751. Electronic copies of the prospectus and the prospectus supplements are available from the SEC's website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Alabama Power, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is being issued pursuant to and in accordance with Rule 134 under the Securities Act of 1933, as amended.

Alabama Power, a subsidiary of Atlanta-based Southern Company (NYSE: SO), provides reliable electricity to more than 1.4 million customers at a total retail price that has been below the national average for decades. Learn more at www.alabamapower.com.

SOURCE Alabama Power Company