Savannah Electric and Power Company announced today it plans to redeem all 1,400,000 outstanding shares of the Companys 6.64% Preferred Stock ($25 stated value) (Cusip Number 804787-70-3) on November 20, 1998. The redemption price will be $25 per share, plus accrued dividends through the date of redemption.
Southern Company Services, as transfer agent and dividend disbursing agent, will be responsible for notifying each registered holder by first-class mail. The books will be closed on the redemption date.
Savannah Electric serves 125,000 customers in a five-county area of Southeast Georgia. Savannah Electric is a subsidiary of Southern Company. Southern Company (NYSE: SO), the largest producer of electricity in the United States, is the parent firm of Alabama Power, Georgia Power, Gulf Power, Mississippi Power and Savannah Electric. Based in Atlanta, Southern Company, through its Southern Energy Inc. subsidiary, supplies electricity in 10 countries on four continents. Southern Company also provides energy-related marketing, trading and technical services, and Southern LINC wireless telecommunications.