||Southern Company (The) | 5.25% Series Preferred Stock (MP.PRD)
This is a public offering by Mississippi Power Company of 1,200,000 Depositary Shares, each representing one-fourth of a share of 5.25% Series Preferred Stock, Cumulative, Par Value $100 Per Share. Each Depositary Share has a stated value of $25 per share.
Each of the Depositary Shares represents ownership of one-fourth of a share of new Stock of Mississippi Power Company to be deposited with SunTrust Bank, Atlanta, Georgia, as Depositary, and entitles the owner, proportionately, to all the rights, preferences and privileges of the new Stock.
On or after April 7, 2009, Mississippi Power Company may redeem shares of the new Stock, in whole or in part, at a redemption price equal to $100.00 per share plus accrued and unpaid dividends.
Mississippi Power Company will be allowed a partial federal income tax deduction for a portion of the dividends paid on the new Stock and, therefore, corporate holders of the Depositary Shares 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, as to that portion of the dividends. Dividends paid on the Depositary Shares to certain individual holders generally will be taxed at preferential rates prior to 2009. See "Certain Terms of the New Stock and the Depositary Shares - Taxes" in this Prospectus Supplement.
Dividends on the new Stock will be cumulative from the date of issuance and are payable quarterly on January 1, April 1, July 1 and October 1 of each year, beginning July 1, 2004.
Full Prospectus PDF », SO Page »
|Call Date:||4/7/2009 (Now Trading Post Call Date)|
|Liquidation Preference:||$25 |
|Recent Market Price:||$25.34|
|Premium to Liquidation Preference:|
(More Preferreds Trading at a Premium »)
|Pay Dates:||1-Jan, 1-Apr, 1-Jul, 1-Oct|
Southern is a holding company. Through its subsidiaries, Alabama Power Company, Georgia Power Company, Gulf Power Company and Mississippi Power Company, each of which is an operating public utility company, Co. supplies electric service in the states of Alabama, Georgia, Florida, and Mississippi. In addition, Co. owns all of the common stock of Southern Power Company, which is also an operating public utility company that constructs, acquires, owns, and manages generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. |
Preferreds: ALP.PRN, GPE.PRA, MP.PRD, ALP.PRO, ALP.PRP
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