Alabama Power to redeem 6% senior insured monthly notes via offering

By Tali David

Minneapolis, Oct. 9 - Alabama Power Co. plans to use the proceeds of its senior note offering to redeem all or a portion of its $200 million series 2007C 6% senior insured monthly notes due Oct. 15, 2037, according to a 424B5 filing with the Securities and Exchange Commission.

The company will also use proceeds for general corporate purposes, including its continuous construction program.

On Sept. 6, the company announced plans to redeem all of the 6% notes at par plus an applicable premium on Oct. 15.

Birmingham, Ala.-based Alabama Power is an electric subsidiary of Southern Co.

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