Alabama Power Company to Partially Redeem 7-3/4 Percent First Mortgage Bonds

BIRMINGHAM, Ala., Jan 25 /PRNewswire/ -- Alabama Power Company announced today that it will redeem $4,498,000 of its outstanding 7-3/4 percent series first mortgage bonds due 2023 on or about March 5, 2002, according to William B. Hutchins, III, Executive Vice President, Chief Financial Officer and Treasurer. Of this amount, $3,500,000 will be redeemed under improvement fund requirements and an additional $998,000 will be redeemed with proceeds of released property on deposit with the Trustee, pursuant to provisions of Alabama Power Company's Indenture dated January 1, 1942, as amended and supplemented. The bonds will be redeemed at par plus accrued interest. J P Morgan Chase Bank, as trustee, will select on a random basis the bonds to be redeemed and will send a notice to the registered holders of all bonds being redeemed between 30 to 45 days before the date fixed for redemption.

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


SOURCE: Alabama Power Company

Contact: Darya Braggs of Alabama Power Company, +1-205-257-4155, or