New Issue: Alabama Power sells $400 million 4.3% 30-year bonds at 140 bps spread

By Aleesia Forni

New York, Jan. 8 – Alabama Power Co. priced $400 million of 4.3% 30-year senior notes (A1/A-/A+) at Treasuries plus 140 basis points on Friday, according to an FWP filing with the Securities and Exchange Commission.

Pricing was at 99.334 to yield 4.34%.

The bookrunners were Barclays, BNP Paribas Securities Corp., Goldman Sachs & Co. and MUFG.

Proceeds will be used to repay $200 million of the company’s series FF 5.2% senior notes due Jan. 15, 2016 and for general corporate purposes, including its continuous construction program.

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

Issuer:	Alabama Power Co.
Amount:	$400 million
Description:	Senior notes, series 2016A
Maturity:	Jan. 2, 2046
Bookrunners:	Barclays, BNP Paribas Securities Corp., Goldman Sachs & Co., MUFG
Co-managers:	BB&T Capital Markets, BBVA Securities Inc., Regions Securities LLC, Williams Capital Group, LP, CastleOak Securities, LP, Siebert Brandford Shank & Co., LLC
Coupon:	4.3%
Price:	99.334
Yield:	4.34%
Spread:	Treasuries plus 140 bps
Make-whole call:	Treasuries plus 25 bps prior to July 2, 2045, then callable at par
Trade date:	Jan. 8
Settlement date:	Jan. 13
Ratings:	Moody’s: A1
	Standard & Poor’s: A-
	Fitch: A+
Distribution:	SEC registered

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