Alabama Power Company Announces Planned Sale of Senior Notes
Alabama Power Company has entered into (i) an agreement with a group of underwriters led by Goldman, Sachs & Co. for the issuance of $250,000,000 aggregate principal amount of Series T 5.70% Senior Notes due February 15, 2033, and (ii) an agreement with a group of underwriters led by Morgan Stanley for the issuance of $170,000,000 aggregate principal amount of Series U 2.65% Senior Notes due February 15, 2006, 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 B 7% Senior Quarterly Interest Notes (Cusip #: 010392637) due December 31, 2047 ("Series B Senior Notes") currently outstanding in the aggregate principal amount of $200,000,000, and for the full redemption at maturity of the Company's Series O Floating Rate Senior Notes (Cusip #: 010392DU9) due March 3, 2003 currently outstanding in the aggregate principal amount of $167,000,000 and for other general corporate purposes, including the Company's continuous construction program.
Holders of the Series B Senior Notes to be redeemed will receive a notice of redemption at least 30 days prior to the redemption date. Redemption of Series B Senior Notes is contingent upon the closing of the sale of the Series T 5.70% Senior Notes. The expected date for closing is on or about February 19, 2003.
Alabama Power, a subsidiary of Atlanta-based Southern Company
SOURCE: Alabama Power Company
CONTACT: Carrie Kurlander of Alabama Power, +1-205-257-4155, or