ALABAMA shall have the right to redeem the new Stock of each series, in whole or in part, without premium, from time to time, on or after August 19, 2008, upon not less than 30 nor more than 60 days' notice, at a redemption price equal to 100% of the stated capital plus accrued dividends to the redemption date.
The Class A Preferred Stock ranks on a parity as to dividends and assets with ALABAMA's Preferred Stock (par value $100 per share).
The amount of dividends payable in respect of the New Money Preferred Stock will be adjusted in the event of certain amendments to the Internal Revenue Code of 1986, as amended, in respect of the dividends-received deduction. See "Certain Terms of the New Stock -- Dividend Rights."
ALABAMA will be allowed a partial federal income tax deduction for the dividends paid on the Old Money Preferred Stock and, therefore, corporate holders of the Old Money Preferred Stock will be subject to the limited deduction for dividends received provided for in Section 244(a) of the Internal Revenue Code of 1986, as amended. See "Certain Terms of the New Stock -- Federal Income Tax Effect on Dividends" herein.
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Southern is a holding company. Through its subsidiaries, Alabama Power Company, Georgia Power Company, and Mississippi Power Company, each of which is an operating public utility company, Co. provides electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast. Co. also owns Southern Company Gas, which is an energy services holding company whose primary business is the distribution of natural gas in four states, Illinois, Georgia, Virginia, and Tennessee, through the natural gas distribution utilities. Southern Company Gas is also involved in several other businesses that are complementary to the distribution of natural gas. Preferreds: ALP.PRN, ALP.PRO, ALP.PRP, MP.PRD, GPE.PRA, ALP.PRQ Open the SO Information Page » |
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