By Andrea Heisinger
New York, Feb. 26 - Alabama Power Co. priced $500 million of 6% 30-year senior notes Thursday to yield Treasuries plus 235 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A+) priced at 99.808 to yield 6.014% with a make-whole call of Treasuries plus 40 bps.
Bookrunners were Banc of America Securities LLC, J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and Scotia Capital.
Co-managers were BB&T Capital Markets and CastleOak Securities LP.
Proceeds will be used to repay a portion of short-term debt and for general corporate purposes, including the company's continuous construction program.
The electric subsidiary of the Southern Co. is based in Birmingham, Ala.
| Issuer: | Alabama Power Co.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | March 1, 2039
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Scotia Capital
|
| Co-managers: | BB&T Capital Markets, CastleOak Securities LP
|
| Coupon: | 6%
|
| Price: | 99.808
|
| Yield: | 6.014%
|
| Spread: | Treasuries plus 235 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | Feb. 26
|
| Settlement date: | March 6
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
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