By Andrea Heisinger
Omaha, Jan. 8 - Alabama Power Co. reopened its 4.85% five-year senior notes Tuesday to add $300 million, market sources said.
The total issuance is now $500 million, including $200 million priced on Dec. 4, 2007.
The additional notes (A2/A) were priced at 100.542 to yield 4.724%, or 153 basis points more than Treasuries. There is a make-whole call at Treasuries plus 25 bps.
Bookrunners were Barclays Capital Inc. and J.P. Morgan Securities Inc.
Co-managers were Morgan Keegan & Co. Inc., BNY Capital Markets, Inc., Samuel A. Ramirez & Co., Inc. and Greenwich Capital Markets, Inc.
Proceeds will be used to repay a portion of outstanding short-term debt and for general corporate purposes, including the company's continuous construction program.
The subsidiary of the Southern Co. is based in Birmingham, Ala.
| Issuer: | Alabama Power Co.
|
| Issue: | Senior notes
|
| Amount: | $300 million reopened
|
| Maturity: | Dec. 15, 2012
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities Inc.
|
| Co-managers: | Morgan Keegan & Co. Inc.; BNY Capital Markets, Inc.; Samuel A. Ramirez & Co., Inc.; Greenwich Capital Markets, Inc.
|
| Coupon: | 4.85%
|
| Price: | 100.542
|
| Yield: | 4.724%
|
| Spread: | Treasuries plus 153 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | Jan. 8
|
| Settlement date: | Jan. 16
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Total issuance: | $500 million, including $200 million priced on Dec. 4, 2007
|
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