Alabama Power Company Confirms Sale Of Preferred Stock
Alabama Power Company today closed the sale of 1,250 shares, $125,000,000 aggregate stated capital of Flexible Money Market Class A Preferred Stock (2003A Series), Cumulative, Par Value $1 Per Share (Stated Capital $100,000 Per Share) according to William B. Hutchins, III, chief financial officer and treasurer. The dividend rate on the new Stock will be 4.95% until the end of the initial dividend period on December 31, 2007.
The proceeds from the sale of the new Stock will be used by the Company to repay a portion of its outstanding short-term indebtedness and for other general corporate purposes, including the Company's continuous construction program.
Alabama Power, a subsidiary of Atlanta-based Southern Company
SOURCE: Alabama Power Company
CONTACT: Carrie Kurlander of Alabama Power Company, +1-205-257-4155, or