| Issuer: | Alabama Power Company | ||||
| Security: | Series 2022C 3.94% Senior Notes due September 1, 2032 | ||||
| Expected Ratings:* | A1(Stable)/A-(Stable)/A+(Negative) (Moody’s/Standard & Poor’s/Fitch) | ||||
| Principal Amount: | $450,000,000 | ||||
| Initial Public Offering Price: | 99.998% | ||||
| Maturity Date: | September 1, 2032 | ||||
| Benchmark Treasury: | 2.875% due May 15, 2032 | ||||
| Benchmark Treasury Yield: | 2.790% | ||||
| Spread to Treasury: | +115 basis points | ||||
| Re-offer Yield: | 3.940% | ||||
| Optional Redemption: | |||||
Make-Whole Call: | Prior to March 1, 2032 at T+20 basis points | ||||
Par Call: | On or after March 1, 2032 at 100% | ||||
| Coupon: | 3.94% | ||||
| Interest Payment Dates: | March 1 and September 1 of each year, beginning March 1, 2023 | ||||
| Format: | SEC Registered | ||||
| Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | ||||
| CUSIP/ISIN: | 010392 FZ6/US010392FZ66 | ||||
| Trade Date: | August 9, 2022 | ||||
| Expected Settlement Date: | August 12, 2022 (T+3) | ||||
| Joint Book-Running Managers: | Barclays Capital Inc. Goldman Sachs & Co. LLC Mizuho Securities USA LLC PNC Capital Markets LLC Scotia Capital (USA) Inc. U.S. Bancorp Investments, Inc. | ||||
| Co-Managers: | Regions Securities LLC Fifth Third Securities, Inc. KeyBanc Capital Markets Inc. FHN Financial Securities Corp. Hancock Whitney Investment Services, Inc. Drexel Hamilton, LLC Loop Capital Markets LLC Penserra Securities LLC Samuel A. Ramirez & Company, Inc. AmeriVet Securities Inc. Security Capital Brokerage, Inc. | ||||
| Concurrent Offering: | $550,000,000 Series 2022B 3.75% Senior Notes due September 1, 2027, expected to be issued on August 12, 2022. The closing of the offering of the Series 2022C Senior Notes is not contingent on the closing of the concurrent offering. | ||||