Alabama Power to redeem first mortgage bonds.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 25, 1996--Alabama Power Company announced today that $19,410,000 principal amount of its 9-1/4 percent series first mortgage bonds due 2021 will be redeemed on Jan. 2, 1997, under the Improvement or Sinking Fund provision sinking fund provision A stipulation in many bond indentures that the borrower retire a certain proportion of the debt annually. The retirement may be effected by calling the bonds from the investors (if interest rates have declined) or by purchasing the of Alabama Power's Indenture dated Jan. 1, 1942, as amended and supplemented, between the company and The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , as successor trustee. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Art P. Beattie, vice president, secretary & treasurer, these bonds will be redeemed at par, plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , to satisfy this provision. The company also announced the redemption of an additional $391,000 principal amount of the 9-1/4 percent series of its first mortgage bonds due 2021. These bonds will be redeemed on Jan. 2, 1997, at par, plus accrued interest, under the provision of the company's indenture relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the use of proceeds of released property. The Chase Manhattan Bank will select, on a random basis, the bonds for these partial redemptions and will send a redemption notice to the registered holders of all bonds being redeemed between 30 and 45 days before the date fixed for redemption. Alabama Power, a Southern Company subsidiary, is an investor-owned electric utility serving 1.2 million customers in the southern two-thirds of Alabama. CONTACT: Alabama Power, Birmingham Dave Rickey rick·ey n. pl. rick·eys A drink of soda water, lime or lemon juice, sugar, and usually gin. [Probably from the name Rickey.] Noun 1. , 205/250-1517 http://www.southernco.com |
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