Alabama Power Company today closed the sale of $100,000,000 principal amount of Series Q 5.50% Senior Notes due October 15, 2017 and $100,000,000 principal amount of Series R 4.70% Senior Notes due December 1, 2010 according to William B. Hutchins, III, Chief Financial Officer and Treasurer. The proceeds from the sale of the notes will be used to redeem all of the company's outstanding Series E 6.25% Senior Insured Quarterly Notes (the "Series E Senior Notes") due September 30, 2010, Series F 6.375% Senior Insured Quarterly Notes (the "Series F Senior Notes") due September 30, 2018 and for other general corporate purposes. The Series E and Series F Senior Notes will be redeemed on December 26, 2002, 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