Alabama Power announces redemption of preferred and preference stock

Written By: Stratton Report
September 8, 2017

On Sept. 8, Alabama Power Company announced that it had issued a notice of redemption for the following series of preferred and preference stock:

  • 5.83% Class A Preferred Stock, Cumulative, Par Value $1 Per Share (Stated Capital $25 Per Share) CUSIP No. 010392611 (NYSE: ALP PR O)
  • 6.45% Preference Stock, Non-Cumulative, Par Value $1 Per Share (Stated Capital $25 Per Share) CUSIP No. 010392488
  • 6.50% Preference Stock, Non-Cumulative, Par Value $1 Per Share (Stated Capital $25 Per Share) CUSIP No. 010392470

According to Alabama Power, the redemption date for each of the above series of preferred and preference stock will be October 11, 2017. The redemption price per share for each series of preferred and preference stock to be redeemed shall be as follows:

  • 5.83% Class A Preferred Stock: $25 per share plus accrued and unpaid dividends of $0.040486 per share
  • 6.45% Preference Stock: $25 per share plus accrued and unpaid dividends of $0.044792 per share
  • 6.50% Preference Stock: $25 per share plus accrued and unpaid dividends of $0.045139 per share

Regular dividends on the preferred and preference stock being redeemed should be payable October 1, 2017 to each holder of record on September 15, 2017. No dividends on the preferred and preference stock being redeemed will accrue on or after the redemption date, nor will any interest accrue on amounts held to pay the redemption price.