| Issuer: | Alabama Power Company | ||||
| Security: | Series 2023B 5.85% Senior Notes due November 15, 2033 | ||||
| Expected Ratings:* | A1(Stable)/A-(Positive)/A+(Stable) (Moody’s/Standard & Poor’s/Fitch) | ||||
| Principal Amount: | $300,000,000 | ||||
| Initial Public Offering Price: | 99.924% | ||||
| Maturity Date: | November 15, 2033 | ||||
| Benchmark Treasury: | 3.875% due August 15, 2033 | ||||
| Benchmark Treasury Yield: | 4.660% | ||||
| Spread to Treasury: | +120 basis points | ||||
| Re-offer Yield: | 5.860% | ||||
| Optional Redemption: | |||||
| Make-Whole Call: | Prior to May 15, 2033 at T+20 basis points | ||||
| Par Call: | On or after May 15, 2033 at 100% | ||||
| Coupon: | 5.85% | ||||
| Interest Payment Dates: | May 15 and November 15 of each year, beginning May 15, 2024 | ||||
| Format: | SEC Registered | ||||
| Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | ||||
| CUSIP/ISIN: | 010392 GB8/US010392GB89 | ||||
| Trade Date: | November 6, 2023 | ||||
| Expected Settlement Date: | November 9, 2023 (T+3) | ||||
| Active Joint Book-Running Managers: | Citigroup Global Markets Inc. Morgan Stanley & Co. LLC U.S. Bancorp Investments, Inc. | ||||
| Passive Book-Running Manager: | RBC Capital Markets, LLC | ||||
| Co-Managers: | BMO Capital Markets Corp. Huntington Securities, Inc. Santander US Capital Markets LLC Loop Capital Markets LLC Siebert Williams Shank & Co., LLC FHN Financial Securities Corp. Hancock Whitney Investment Services, Inc. Regions Securities LLC C.L. King & Associates, Inc. Security Capital Brokerage, Inc. | ||||
