Alabama Power Company today closed the sale of $200,000,000 principal amount of its Series S 5-7/8% Senior Notes due December 1, 2022, according to William B. Hutchins, III, Chief Financial Officer and Treasurer.

The proceeds from the sale of the notes will be used for the full redemption of the company's Series A 7-1/8% Senior Notes (Cusip #: 010392645, NYSE: ALZ) due December 1, 2047, (the "Series A Senior Notes") currently outstanding in the aggregate principal amount of $193,800,000, and for other general corporate purposes. The Series A Senior Notes will be redeemed on or about January 13, 2003, at 100% of the principal amount plus any accrued and unpaid interest to the redemption date.

Alabama Power, a subsidiary of Atlanta-based Southern Company , provides reliable, affordable electricity to more than 1.3 million customers across the state.

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SOURCE: Alabama Power Company