Issuer: | Alabama Power Company |
Format: | SEC Registered |
Security: | Series 2015B 2.800% Senior Notes due April 1, 2025 |
Expected Ratings:* | A1(Stable)/A (Negative)/A+ (Stable) (Moody’s/Standard & Poor’s/Fitch) |
Trade Date: | April 9, 2015 |
Expected Settlement Date: | April 14, 2015 (T+3) |
Size: | $250,000,000 |
Maturity Date: | April 1, 2025 |
Interest Payment Dates: | April 1 and October 1 of each year, beginning October 1, 2015 |
Coupon: | 2.800% |
Initial Public Offering Price: | 99.888% |
Benchmark Treasury: | 2.000% due February 15, 2025 |
Benchmark Treasury Yield: | 1.963% |
Spread to Benchmark Treasury: | +85 basis points |
Re-Offer Yield: | 2.813% |
Optional Redemption: | |
Make-Whole Call: Par Call: | Prior to January 1, 2025 at T+15 basis points On or after January 1, 2025 at 100% |
CUSIP/ISIN: | 010392FN3/US010392FN37 |
Joint Book-Running Managers: | Citigroup Global Markets Inc. J.P. Morgan Securities LLC Scotia Capital (USA) Inc. Wells Fargo Securities, LLC |
Co-Managers: | BB&T Capital Markets, a division of BB&T Securities, LLC Commerz Markets LLC Regions Securities LLC Mischler Financial Group, Inc. Samuel A. Ramirez & Company, Inc. |
Concurrent Offering: | $175,000,000 additional amount of Alabama Power Company’s Series 2015A 3.750% Senior Notes due March 1, 2045, expected to be issued on April 14, 2015. The closing of the offering of the Series 2015B Senior Notes is not contingent on the closing of the concurrent offering. |