Alabama Power Co. Announces the Redemption of First Mortgage Bonds and Adjustable Rate Preferred Stock

Business Wire, Oct 23, 1998

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 23, 1998--Alabama Power Co. announced today the full redemption of their 7.25% Series First Mortgage Bonds (Cusip Number 010392CJ5) due 2007 and Adjustable Rate Preferred Stock (Cusip Number 010392660), according to William B. Hutchins, III, Executive Vice President, Chief Financial Officer and Treasurer.

The Bonds will be redeemed at a price of 102.95% per bond plus accrued interest on Nov. 24, 1998. The adjustable Rate Preferred Stock will be redeemed on Jan. 4, 1999 at a price of $25.00 per share plus accrued dividends to the date of redemption. Holders of the bonds and the preferred stock will receive notice of redemption at least 30 days prior to the redemption date.

The redemption agent for the First Mortgage Bonds is Chase Manhattan Bank, Corporate Trust Services, P.O. Box 219052, Dallas, Texas 75202. The redemption agent for the Adjustable Rate Preferred Stock is Southern Company Services, Inc., Stockholder Services, P.O. Box 54250, Atlanta, Georgia 30308-0250.

Alabama Power, a Southern Company subsidiary, is an investor-owned electric utility serving more than 1.2 million customers in the southern two-thirds of Alabama.