Gulf Power to sell issue of non-cumulative preference stock

By Andrea Heisinger

Omaha, Oct. 15 - Gulf Power Co. announced an issue of non-cumulative preference stock Monday, and it will likely price Tuesday, an informed source said.

The shares will price at par of $100 and will be redeemable on dividend dates starting Oct. 1, 2017.

Bookrunners are Banc of America Securities LLC and Lehman Brothers Inc.

Proceeds will be used to repay a portion of outstanding short-term debt and for other general corporate purposes.

The company is a subsidiary of Southern Co., and is based in Pensacola, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.