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Alabama Power Co., 6.50% Series Non-Cumulative Preference Stock
Ticker Symbol: ALAWP* CUSIP: 010392470 Exchange: OTOTC
* NOTE: This security is no longer trading as of 10/11/2017
Security has been Called for: Wednesday, October 11, 2017
September 8, 2017 – Alabama Power Company today announced that it issued a notice of redemption for the following series of preferred and preference stock:
5.83% Class A Preferred Stock, Cumulative, Par Value $1 Per Share (Stated Capital $25 Per Share) CUSIP No. 010392611 (NYSE: ALP PR O),
6.45% Preference Stock, Non-Cumulative, Par Value $1 Per Share (Stated Capital $25 Per Share) CUSIP No. 010392488,
6.50% Preference Stock, Non-Cumulative, Par Value $1 Per Share (Stated Capital $25 Per Share) CUSIP No. 010392470.
The redemption date for each of the above series of preferred and preference stock will be October 11, 2017. The redemption price per share for each series of preferred and preference stock to be redeemed shall be as follows:
5.83% Class A Preferred Stock: $25 per share plus accrued and unpaid dividends of $0.040486 per share,
6.45% Preference Stock: $25 per share plus accrued and unpaid dividends of $0.044792 per share,
6.50% Preference Stock: $25 per share plus accrued and unpaid dividends of $0.045139 per share.
Regular dividends on the preferred and preference stock being redeemed are payable October 1, 2017 to each holder of record on September 15, 2017. No dividends on the preferred and preference stock being redeemed will accrue on or after the redemption date, nor will any interest accrue on amounts held to pay the redemption price. Questions relating to this redemption and requests for copies of the notice of redemption should be directed to Wells Fargo Shareowner Services at 1-800-468-9716. ____________ From the form 424B5 filed with the SEC on 9/5/2017 -- The Company intends to use the net proceeds from the sale of the new Class A Preferred Stock for the proposed redemption of all or a portion of 2,000,000 shares ($50,000,000 aggregate stated capital) of the Company’s 6.50% Series Preference Stock at a redemption price of $25 per share plus accrued and unpaid dividends to the redemption date and 6,000,000 shares ($150,000,000 aggregate stated capital) of the Company’s 6.45% Series Preference Stock at a redemption price of $25 per share plus accrued and unpaid dividends to the redemption date. The remaining net proceeds, if any, will be used for the proposed redemption of all or a portion of 1,520,000 shares ($38,000,000 aggregate stated capital) of the Company’s 5.83% Class A Preferred Stock at a redemption price of $25 per share plus accrued and unpaid dividends to the redemption date and any additional remaining net proceeds will be used for general corporate purposes, including the Company’s continuous construction program. The aggregate redemption price for all of the outstanding 6.50% Series Preference Stock, 6.45% Series Preference Stock and 5.83% Class A Preferred Stock is $238,000,000 plus accrued and unpaid dividends to the redemption date. The Company intends to deliver the applicable redemption notices, if any, concurrently with the issuance of the new Class A Preferred Stock. The issuance of the applicable redemption notices, if any, is conditioned upon the successful issuance of the new Class A Preferred Stock. ____________ There is no indication in the prospectus that the preference stock will be listed on a stock exchange and it will most probably continue trading on the Other OTC market.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Alabama Power Co., 6.50% Series Non-Cumulative Preference Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 10/1/2017 at $25 per share plus declared and unpaid dividends, and with no stated maturity. Prior to 10/1/2017 the preferred is redeemable at $25 per share plus a make-whole premium. Non-cumulative distributions of 6.50% ($1.625) per annum are paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the date fixed by the board (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by this preference security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preference stock ranks junior to the company's senior debt and preferred stock and senior to the common shares of the company. See the IPO prospectus for further information on the preference stock by clicking on the ‘Link to IPO Prospectus’ provided below. Alabama Power Co. is a wholly-owned subsidiary of the Southern Co. (NYSE:SO).
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Go to Parent Company's Record (SO)
IPO - 10/16/2007 - 2.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $50.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 30 Ivan Allen Jr. Boulevard, N.W., Atlanta, GA 30308 |
| Main Phone Number |
404-506-5000 |
| Fax Number |
404-506-0455 |
| Investor Relations
Glen Kundert
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404-506-5135
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| Toll Free Phone Number |
866-762-6411 |
| CEO - Thomas A. Fanning |
CFO - Richard S. Teel |
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