By Andrea Heisinger
Omaha, May 8 - Alabama Power Co. priced $300 million 6.125% 30-year senior notes on Thursday to yield Treasuries plus 155 basis points, according to market sources.
The notes (A2/A/A+) priced at 99.741 to yield 6.144%.
There is a make-whole redemption option of Treasuries plus 25 bps.
Bookrunners were Citigroup Global Markets Inc. and Lehman Brothers Inc.
Co-managers were Calyon Securities (USA) Inc., Lazard Capital Markets LLC, Mizuho Securities USA Inc. and Toussaint Capital Partners, LLC.
Proceeds will be used to repay a portion of outstanding short-term debt.
The utility is based in Birmingham, Ala.
| Issuer: | Alabama Power Co.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | May 15, 2038
|
| Bookrunners: | Citigroup Global Markets Inc., Lehman Brothers Inc.
|
| Co-managers: | Calyon Securities (USA) Inc., Lazard Capital Markets LLC, Mizuho Securities USA Inc., Toussaint Capital Partners, LLC
|
| Coupon: | 6.125%
|
| Price: | 99.741
|
| Yield: | 6.144%
|
| Spread: | Treasuries plus 155 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | May 8
|
| Settlement date: | May 14
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch A+
|
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