Alabama Power pricing $300 million 10-year notes on Tuesday

By Aleesia Forni

Virginia Beach, Dec. 3 - Alabama Power Co. is expected to price $300 million senior notes due Dec. 1, 2023, series 2013A, on Tuesday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, RBS Securities Inc. and Scotia Capital (USA) Inc. are the bookrunners.

Proceeds will be used for general corporate purposes, including the company's continuous construction program.

Alabama Power was last in the high-grade primary market with a $350 million sale of 3.85% 30-year bonds priced at Treasuries plus 107 basis points on Nov. 27, 2012.

The electric subsidiary of Southern Co. is based in Birmingham, Ala.

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