Southern Electric Generating Company Authorizes Sale Of Pollution Control Revenue Refunding Bonds

The Board of Directors of Southern Electric Generating Company has authorized entering into a purchase contract for the sale of $24.5 million of pollution control revenue refunding bonds by the Industrial Development Board of the Town of Wilsonville, Alabama.

The proceeds from the sale will be applied to the full redemption of the following series of pollution control revenue refunding bonds, which were issued by the Industrial Development Board to refinance certain pollution control facilities at Southern Electric Generating Company's Ernest C. Gaston Steam Plant, Units 1 - 4:

  Industrial     Principal      Series        Maturity     Redemption Price
  Development    Amount                         Date      As % of Principal

  Town of       $24,500,000   C - 6.75%      02/01/15           102%

The issuance of the new bonds and the redemption of the outstanding bonds are contingent upon authorization by the Industrial Development Board and the actual closing of the sale of refunding bonds. The closing is scheduled to occur on June 19, 2001.

Registered holders of the outstanding bonds to be redeemed will be notified by mail at least 30 days before the date fixed for redemption.

Southern Electric Generating Company is a jointly owned subsidiary of Alabama Power Company and Georgia Power Company.


SOURCE: Southern Electric Generating Company

Contact: Darya Braggs of Alabama Power, 205-257-4155, or , for Southern Electric Generating Company