By Andrea Heisinger
Omaha, Dec. 4 - Alabama Power Co. priced $200 million in 4.85% five-year senior notes Tuesday to yield 160 basis points more than Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A+) priced at 99.828 to yield 4.889%. They have a make-whole call at Treasuries plus 25 bps.
Bookrunners were Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley & Co. Inc.
Interest will be payable semiannually.
Proceeds will be used for general corporate purposes including the company's continuous construction program.
The utility subsidiary of the Southern Co. is based in Birmingham, Ala.
| Issuer: | Alabama Power Co.
|
| Issue: | Series 2007D senior notes
|
| Amount: | $200 million
|
| Maturity: | Dec. 15, 2012
|
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc.
|
| Co-managers: | Lazard Capital Markets LLC, Mizuho Securities USA Inc., Scotia Capital (USA) Inc., and SunTrust Robinson Humphrey Inc.
|
| Coupon: | 4.85%
|
| Price: | 99.828
|
| Yield: | 4.889%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 12
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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