New Issue: Alabama Power sells $700 million 3% 30-year notes at 100 bps spread

By Wendy Van Sickle

Columbus, Ohio, Nov. 15 – Alabama Power Co. priced $700 million of 3% series 2021B senior notes due March 15, 2052 (A1/A-/A+) on Monday, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.824 to yield 3.009%, with a spread of Treasuries plus 100 basis points.

Citigroup Global Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC were the joint bookrunners.

Proceeds will be used for general corporate purposes, including the company’s continuous construction program.

The issuer is an electric utility based in Birmingham, Ala., and a wholly owned subsidiary of Southern Co.

Issuer:	Alabama Power Co.
Description:	Series 2021B senior notes
Amount:	$700 million
Maturity:	March 15, 2052
Bookrunners:	Citigroup Global Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC
Co-managers:	Regions Securities LLC, BMO Capital Markets Corp., FHN Financial Securities Corp., Huntington Securities, Inc., Drexel Hamilton, LLC, Loop Capital Markets LLC, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
Coupon:	3%
Price:	99.824
Yield:	3.009%
Spread:	Treasuries plus 100 bps
Call:	Make-whole call at Treasuries plus 15 bps until Sept. 15, 2051, then a par call
Trade date:	Nov. 15
Settlement date:	Nov. 18
Ratings:	Moody’s: A1
	S&P: A-
	Fitch: A+
Distribution:	SEC registered
Cusip:	010392FW3

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