New Issue: Alabama Power sells $500 million 4.3% senior notes due 2048 at 130 bps over Treasuries

By Cristal Cody

Tupelo, Miss., June 21 – Alabama Power Co. sold $500 million of 4.3% 30-year senior notes at 99.247 to yield 4.345% on Thursday, according to an FWP filed with the Securities and Exchange Commission.

The notes (A1/A-/A+) priced with a spread of 130 basis points over Treasuries.

BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used repay all or a portion of the company’s commercial paper and for general corporate purposes.

Alabama Power is a Birmingham, Ala.-based power company and subsidiary of Southern Co.

Issuer:	Alabama Power Co.
Amount:	$500 million
Description:	Series 2018A senior notes
Maturity:	July 15, 2048
Bookrunners:	BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
Co-managers:	BB&T Capital Markets, BBVA Securities Inc., Regions Securities LLC, TD Securities (USA) LLC, CastleOak Securities, LP, FTN Financial Services Corp., Penserra Securities LLC, Siebert Cisneros Shank & Co, LLC and Synovus Securities, Inc.
Coupon:	4.3%
Price:	99.247
Yield:	4.345%
Spread:	Treasuries plus 130 bps
Call features:	Make-whole call at Treasuries plus 20 bps before Jan. 15, 2048; thereafter at par
Trade date:	June 21
Settlement date:	June 28
Ratings:	Moody’s: A1
	S&P: A-
	Fitch: A+
Distribution:	SEC registered

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