By Aleesia Forni
Virginia Beach, Dec. 3 - Alabama Power Co. came to Tuesday's market to price $300 million of 3.55% 10-year senior notes (A2/A/A+), series 2013A, with a spread of Treasuries plus 82 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.717 to yield 3.584%.
Morgan Stanley & Co. LLC, RBS Securities Inc. and Scotia Capital (USA) Inc. were 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 bps on Nov. 27, 2012.
The electric subsidiary of Southern Co. is based in Birmingham, Ala.
| Issuer: | Alabama Power Co.
|
| Amount: | $300 million
|
| Description: | Senior notes, series 2013A
|
| Maturity: | Dec. 1, 2023
|
| Bookrunners: | Morgan Stanley & Co. LLC, RBS Securities Inc., Scotia Capital (USA) Inc.
|
| Co-managers: | BNP Paribas Securities Corp., U.S. Bancorp Investments Inc., Crews & Associates Inc., Guzman & Co., Loop Capital Markets LLC, Regions Securities LLC
|
| Coupon: | 3.55%
|
| Price: | 99.717
|
| Yield: | 3.584%
|
| Spread: | Treasuries plus 82 bps
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 6
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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