By Andrea Heisinger
New York, Nov. 14 - Alabama Power Co. priced $250 million 5.8% five-year senior notes Friday to yield Treasuries plus 355 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A+) priced at 99.856 to yield 5.834%. They have a make-whole call of Treasuries plus 50 bps.
The issue priced at the tight end of talk, which was whispered at 360 bps, a source said.
Bookrunners were BNY Mellon Capital Markets, Deutsche Bank Securities and J.P. Morgan Securities Inc.
Co-managers were HSBC Securities and Scotia Capital.
Proceeds will be used to repay a portion of outstanding short-term debt and for other general corporate purposes, including a continuous construction program.
The electric company, a subsidiary of Southern Co., is based in Birmingham, Ala.
| Issuer: | Alabama Power Co.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Nov. 15, 2013
|
| Bookrunners: | BNY Mellon Capital Markets, Deutsche Bank Securities, J.P. Morgan Securities Inc.
|
| Co-managers: | HSBC Securities, Scotia Capital
|
| Coupon: | 5.8%
|
| Price: | 99.856
|
| Yield: | 5.834%
|
| Spread: | Treasuries plus 355 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 360 bps whispered
|
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