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Gulf Power Co., 6.45% Series 2007A Non-cumulative Preference Stock
Ticker Symbol: GLFQP* CUSIP: 402479752 Exchange: OTOTC
* NOTE: This security is no longer trading as of 6/19/2017
Security has been Called for: Monday, June 19, 2017
From the Form 8-K filed with the SEC on 5/18/2017 -- On May 18, 2017, the Company delivered notice to redeem, effective June 19, 2017, all of the outstanding (i) 550,000 shares ($55,000,000 aggregate liquidation amount) of the Company’s 6.000% Series Preference Stock, (ii) 450,000 shares ($45,000,000 aggregate liquidation amount) of the Company’s Series 2007A 6.45% Preference Stock and (iii) 500,000 shares ($50,000,000 aggregate liquidation amount) of the Company’s Series 2013A 5.60% Preference Stock. The 6.000% Series Preference Stock will be redeemed at a price equal to $100 per share, plus an amount equal to the amount of the accrued and unpaid dividends from April 1, 2017 to but excluding the Redemption Date. Each of the Series 2007A Preference Stock and the Series 2013A Preference Stock will be redeemed at a price equal to the greater of (i) $100 per share or (ii) the sum of the present values of the liquidation amount and the remaining scheduled dividend payments (excluding amounts accrued and unpaid to the Redemption Date) through the applicable initial par call date (October 1, 2017 with respect to the Series 2007A Preference Stock and July 1, 2018 with respect to the Series 2013A Preference Stock), plus, in each case, an amount equal to the amount of the accrued and unpaid dividends from April 1, 2017 to but excluding the Redemption Date.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Gulf Power Co., 6.45% Series 2007A Non-cumulative Preference Stock, liquidation preference $100 per share, redeemable at the issuer's option anytime at $100 plus a make-whole premium or on or after 10/1/2017 at $100 per share plus declared and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.45% ($6.45) per annum are paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred 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 regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (SO)
IPO - 10/17/2007 - 450,000 Shares @ $100.00/share.
Link to IPO Prospectus
Market Value $45.0 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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