Alabama Power Company today closed the sale of preferred securities of Alabama Power Capital Trusts IV and V, according to William B. Hutchins, III, Chief Financial Officer and Treasurer. The proceeds from the sale of the securities will be applied to general corporate purposes and the full redemption of the outstanding securities of Alabama Power Capital Trust I 7.375% Trust Preferred Securities (ALPPrQ) and Alabama Power Capital Trust II 7.60% Trust Originated Preferred Securities (ALPPrR). For Both securities the redemption date is October 31, 2002 at the redemption price of $25 per security plus accrued and unpaid distributions.
JPMorgan Chase Bank, as property trustee, will mail redemption notices to registered holders of the preferred securities.
Alabama Power Company, a subsidiary of Atlanta-based Southern Company , provides reliable, affordable electricity to more than 1.3 million customers across the state.
SOURCE: Alabama Power Company
CONTACT: Mary Story of Alabama Power, +1-205-257-4155, or
mvstory@southernco.com