By Andrea Heisinger
Omaha, Oct. 3 - Georgia Power Co. priced 2,250,000 shares of 6.5% non-cumulative preference stock Wednesday at par of $100, an informed source said.
The shares (Baa1/BBB+/A) are perpetual and callable on dividend dates prior to Oct. 1, 2017 at varying rates or after this date at $100 per share.
Bookrunners were Citigroup Global Markets Inc. and Lehman Brothers Inc.
Proceeds will be used for the November redemption of $300 million of the company's junior subordinated notes.
The subsidiary of Southern Power is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Shares of preference stock
|
| Amount: | 2,250,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Citigroup Global Markets Inc., Lehman Brothers Inc.
|
| Dividend: | 6.5%
|
| Price: | $100 per share
|
| Call: | After Oct. 1, 2017, at $100 per share, or before at varying rates
|
| Trade date: | Oct. 3
|
| Settlement date: | Oct. 11
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A
|
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