Alabama Power Company Announces Planned Sale of Senior Notes
PRNewswire
BIRMINGHAM, Ala.

Alabama Power Company has entered into agreements with a group of underwriters led by Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated for the issuance of $200,000,000 of Senior Notes, 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 outstanding $99,562,000 of Series E 6.25% Senior Notes ("Series E Senior Notes"), $96,791,000 of Series F 6.375% Senior Insured Quarterly Notes ("Series F Senior Notes") and for other general corporate purposes.

Holders of the Series E and Series F Senior Notes to be redeemed will receive a notice of redemption at least 30 days prior to the redemption date. Redemption of Series E and Series F Senior Notes is contingent upon the closing of the sale of the new notes. The expected date for closing is on or about November 26, 2002.

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

CONTACT: Mary Story of Alabama Power, +1-205-257-4155, or
mvstory@southernco.com