Issuer: | Alabama Power Company | |||||||
Security: | Series 2022A 3.05% Senior Notes due March 15, 2032 | |||||||
Expected Ratings:* | A1(Stable)/A-(Stable)/A+(Negative) (Moody’s/Standard & Poor’s/Fitch) | |||||||
Principal Amount: | $700,000,000 | |||||||
Initial Public Offering Price: | 99.931% | |||||||
Maturity Date: | March 15, 2032 | |||||||
Benchmark Treasury: | 1.875% due February 15, 2032 | |||||||
Benchmark Treasury Yield: | 1.858% | |||||||
Spread to Treasury: | +120 basis points | |||||||
Re-offer Yield: | 3.058% | |||||||
Optional Redemption: | ||||||||
Make-Whole Call: | Prior to December 15, 2031 at T+20 basis points | |||||||
Par Call: | On or after December 15, 2031 at 100% | |||||||
Coupon: | 3.05% | |||||||
Interest Payment Dates: | March 15 and September 15 of each year, beginning September 15, 2022 | |||||||
Format: | SEC Registered | |||||||
Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |||||||
CUSIP/ISIN: | 010392 FX1/US010392FX19 | |||||||
Trade Date: | March 2, 2022 | |||||||
Expected Settlement Date: | March 7, 2022 (T+3) | |||||||
Joint Book-Running Managers: | MUFG Securities Americas Inc. RBC Capital Markets, LLC U.S. Bancorp Investments, Inc. | |||||||
Co-Managers: | Regions Securities LLC BBVA Securities Inc. FHN Financial Securities Corp. TD Securities (USA) LLC Academy Securities, Inc. Cabrera Capital Markets LLC CastleOak Securities, L.P. Samuel A. Ramirez & Company, Inc. |