By Andrea Heisinger
New York, Sept. 27 - Alabama Power Co. priced $250 million of 3.375% series 2010A 10-year senior notes on Monday to yield Treasuries plus 87.5 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A+) priced at 99.84 to yield 3.394%. They have a make-whole call at 15 bps over Treasuries.
Bank of New York Mellon Capital Markets LLC, J.P. Morgan Securities Inc. and Morgan Keegan & Co. Inc. were the bookrunners.
Co-managers were SunTrust Robinson Humphrey Inc. and CastleOak Securities LP.
Proceeds are going toward the proposed redemption of $150 million of the company's series AA 5.625% senior notes due April 15, 2034 and for other general corporate purposes, including a continuous construction program.
The utility subsidiary of the Southern Co. is based in Birmingham, Ala.
| Issuer: | Alabama Power Co.
|
| Issue: | Series 2010A senior notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2020
|
| Bookrunners: | Bank of New York Mellon Capital Markets LLC, J.P. Morgan Securities Inc., Morgan Keegan & Co. Inc.
|
| Co-managers: | SunTrust Robinson Humphrey Inc., CastleOak Securities LP
|
| Coupon: | 3.375%
|
| Price: | 99.84
|
| Yield: | 3.394%
|
| Spread: | Treasuries plus 87.5 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
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