New Issue: Alabama Power prices $600 million 3.45% notes due 2049 at 120 bps over Treasuries

By Devika Patel

Knoxville, Tenn., Sept. 12 – Alabama Power Co. priced $600 million of 3.45% series 2019A senior notes (A1/A/A+) due Oct. 1, 2049 with a spread of 120 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.665 to yield 3.468%.

BofA Securities, Inc., Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

Alabama Power is a Birmingham, Ala.-based power company.

Issuer:	Alabama Power Co.
Amount:	$600 million
Description:	Series 2019A senior notes
Maturity:	Oct. 1, 2049
Bookrunners:	BofA Securities, Inc., Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC
Co-managers:	BB&T Capital Markets, BBVA Securities Inc., Regions Securities LLC, Synovus Securities, Inc., Apto Partners, LLC, Cabrera Capital Markets, LLC, Loop Capital Markets LLC and Samuel A. Ramirez & Co. Inc.
Coupon:	3.45%
Price:	99.665
Yield:	3.468%
Spread:	120 bps over Treasuries
Call feature:	Make-whole call at Treasuries plus 20 bps until April 1, 2049, then a par call
Trade date:	Sept. 12
Settlement date:	Sept. 17
Ratings:	Moody’s: A1
	S&P: A
	Fitch: A+
Distribution:	SEC Registered

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