By Andrea Heisinger
Omaha, Sept. 12 - Alabama Power Co. priced six million shares of preferred stock Wednesday at a price of $25 per share.
The stock (Baa1/BBB+/A) has a divdiend of 6.45%.
The stock can be redeemed prior to Oct. 1, 2017 at the greater of $25 per share or Treasuries plus 25 basis points. On or after this date it can be redeemed at $25 per share.
Bookrunners were J.P. Morgan Securities Inc. and Lehman Brothers Inc.
Alabama Power, a subsidiary of electricity producer Southern Co., is based in Birmingham, Alabama.
| Issuer: | Alabama Power Co.
|
| Issue: | Preferred stock
|
| Amount: | $150 million (six million shares)
|
| Bookrunners: | J.P. Morgan Securities Inc., Lehman Brothers Inc.
|
| Maturity: | Perpetual
|
| Dividend: | 6.45%
|
| Price: | $25 per share
|
| Call: | Prior to Oct. 1, 2017, greater of $25 per share or Treasuries plus 25 bps, on or after that date at $25 per share
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A
|
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