New Issue: Alabama Power prices $550 million 2.45% five-year notes at 60 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Feb. 27 – Alabama Power Co. placed $550 million of 2.45% five-year series 2017A senior notes on Monday at 99.918 to yield 2.467%, according to an FWP filing with the Securities and Exchange Commission.

The notes (A1/A-/A+) priced at a spread of Treasuries plus 60 basis points.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mizuho Securities USA Inc. and MUFG were the bookrunners.

Proceeds will be used to repay all or a portion of the company’s short-term debt and for general corporate purposes.

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

Issuer:	Alabama Power Co.
Amount:	$550 million
Description:	Senior notes
Maturity:	March 30, 2022
Bookrunners:	BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mizuho Securities USA Inc. and MUFG
Co-managers:	BB&T Capital Markets, BBVA Securities, LLC, Regions Securities LLC, Academy Securities, Inc., Samuel A. Ramirez & Co., Inc. and Williams Capital Group, LP
Coupon:	2.45%
Price:	99.918
Yield:	2.467%
Spread:	Treasuries plus 60 bps
Call features:	Make-whole call before Feb. 28, 2022 at Treasuries plus 10 bps; par thereafter
Trade date:	Feb. 27
Settlement date:	March 3
Ratings:	Moody’s: A1
	S&P: A-
	Fitch: A+
Distribution:	SEC registered

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