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Savannah Electric & Power, 6.00% Series Non-cumul Preferred Stock
Ticker Symbol: SZH* CUSIP: 804787802 Exchange: NYSE
* Symbol changed!! New symbol: GPE-A
as of 7/01/2006
New Company Name: Georgia Power 6 1/8% Series Class A Preferred Stock, Non-Cumulative
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Savannah Electric & Power Co., 6.00% Series Non-cumulative Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 7/01/2009 at $25 per share plus declared and unpaid dividends, with no stated maturity, and with noncumulative distributions of 6.00% ($1.50) per annum paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the date fixed by the board. In regards to 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)
Notes: From the Georgia Power Form 8-K filed with the SEC on 7/3/2006 -- Effective July 1, 2006, pursuant to the Merger Agreement, Savannah Electric was merged with and into Georgia Power, with Georgia Power as the surviving corporation in the Merger. Savannah Electric operated as a vertically integrated utility providing electricity to retail customers within a five-county area in southeastern Georgia and to wholesale customers in the Southeast. Prior to the Merger, Southern Company was the sole shareholder of Georgia Power and was the sole common shareholder of Savannah Electric. At the effective time of the Merger, each outstanding share of Savannah Electric common stock was cancelled and Southern Company was issued an additional 1,500,000 shares of Georgia Power common stock, no par value per share. In addition, at the effective time of the Merger, each outstanding share of Savannah Electric 6.00% Series Preferred Stock, Non-Cumulative, Par Value $25 Per Share, was cancelled and was converted into the right to receive one share of Georgia Power 6 1/8% Series Class A Preferred Stock, Non-Cumulative, Par Value $25 Per Share. Following completion of the Merger, the outstanding capital stock of Georgia Power consists of 9,261,500 shares of Georgia Power common stock, all of which are held by Southern Company, and 1,800,000 shares of Georgia Power 6 1/8% Series Class A Preferred Stock. In connection with the Merger, pursuant to an Eighth Supplemental Indenture, dated as of July 1, 2006, between Georgia Power and The Bank of New York, as Trustee, Geo0rgia Power expressly assumed all of Savannah Electric’s obligations under the Senior Note Indenture, dated as of December 1, 1998, between Savannah Electric and The Bank of New York, as Trustee, and all indentures supplemental thereto. Savannah Electric had five series of senior notes outstanding under the Senior Note Indenture. __________
Savannah Electric and Power Company was merged with and into Georgia Power Company effective July 1, 2006, with Georgia Power Company as the surviving corporation in the merger. Under the merger agreement, Southern Company will continue to own all of the outstanding common stock of Georgia Power, which will be the surviving corporation in the merger. Preferred shareholders of Savannah Electric will receive shares of Georgia Power preferred stock in exchange for their Savannah Electric preferred stock, and Georgia Power will assume Savannah Electric’s obligations under its outstanding debt securities.
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IPO - 6/1/2004 - 1.80 Million Shares @ $25.00/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 - David M. Ratcliffe |
CFO - Thomas A. Fanning |
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