Savannah Electric and Power Company has entered into an agreement with an underwriting group headed by Goldman, Sachs & Co. for $30,000,000 of Series A 6 5/8% Senior Retail Intermediate Bonds due March 17, 2015.
The Senior Notes will be initially offered to the public at $1,000.00 per security and will represent an unsecured debt obligation of Savannah Electric. The closing of the sale of these securities is scheduled for March 17, 1998.
The Company also announced that, subject to the closing of the Senior Bonds on March 17, 1998, it plans to redeem on April 16, 1998, the remaining principal amount outstanding of its 8.30% First Mortgage Bonds due July 1, 2022. The redemption of such bonds will be at 105.29% of the principal amount thereof, plus accrued interest.
Southern Company (NYSE: SO), the largest producer of electricity in the United States, is also the parent firm of Alabama Power, Georgia Power, Gulf Power and Mississippi Power. Southern Company`s common stock is one of the 20 most widely held corporate stocks in America.