8-K
filed February 25, 2026, 6:59 PM ET
CIK 0000003153
debt
confidence high
sentiment neutral
materiality 0.75
ALABAMA POWER CO: debt financing — Alabama Power and Georgia Power enter $26.5B DOE-backed loan facilities for energy projects
ALABAMA POWER CO
- Alabama Power facility up to ~$4.1B; Georgia Power facility up to ~$22.4B ($26.5B total).
- Georgia Power requested initial $1.0B advance, expected to close in March 2026.
- Interest rate: U.S. Treasury plus 0.375%; final maturity December 10, 2055.
- Issuance costs: Alabama ~$10M, Georgia ~$29M; proceeds fund eligible energy projects.
- Loans are senior unsecured obligations of each utility; DOE guarantees repayment.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ALABAMA POWER CO incurred term loan of approximately $4.1 billion with Federal Financing Bank at U.S. Treasury rate plus a spread of 0.375% maturing December 10, 2055.
- Instrument
- term loan
- Principal
- approximately $4.1 billion
- Counterparty
- Federal Financing Bank
- Rate
- U.S. Treasury rate plus a spread of 0.375%
- Maturity
- December 10, 2055
- Event
- incurrence
Exact text from the filing
nuclear facilities; coal-to-gas conversions; and grid enhancements. The aggregate amount of advances under the Alabama Power Credit Facility may not exceed approximately $4.1 billion (the “Alabama Power Maximum Facility Amount”). The aggregate amount of advances under the Georgia Power Credit Facility may not exceed approximately $22.4 billion (the “Georgia
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ALABAMA POWER CO incurred term loan of approximately $1.0 billion with Federal Financing Bank at U.S. Treasury rate plus a spread of 0.375% maturing December 10, 2055.
- Instrument
- term loan
- Principal
- approximately $1.0 billion
- Counterparty
- Federal Financing Bank
- Rate
- U.S. Treasury rate plus a spread of 0.375%
- Maturity
- December 10, 2055
- Event
- incurrence
Exact text from the filing
On February 20, 2026, Georgia Power requested initial advances under the Georgia Power Credit Facility in an amount of approximately $1.0 billion.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ALABAMA POWER CO incurred term loan of approximately $22.4 billion with Federal Financing Bank at U.S. Treasury rate plus a spread of 0.375% maturing December 10, 2055.
- Instrument
- term loan
- Principal
- approximately $22.4 billion
- Counterparty
- Federal Financing Bank
- Rate
- U.S. Treasury rate plus a spread of 0.375%
- Maturity
- December 10, 2055
- Event
- incurrence
Exact text from the filing
approximately $4.1 billion (the “Alabama Power Maximum Facility Amount”). The aggregate amount of advances under the Georgia Power Credit Facility may not exceed approximately $22.4 billion (the “Georgia Power Maximum Facility Amount” and, together with the Alabama Power Maximum Facility Amount, the “Maximum Facility Amounts”). Subject to the satisfaction of
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
ALABAMA POWER CO entered into Alabama Power Loan Documents with U.S. Department of Energy valued at Loan guarantee agreement and future advance promissory notes; aggregate principal amount not specifi (effective 2026-02-20).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- U.S. Department of Energy
- Value
- Loan guarantee agreement and future advance promissory notes; aggregate principal amount not specifi
- Effective
- 2026-02-20
Exact text from the filing
Alabama Power entered into (i) a loan guarantee agreement, dated as of February 20, 2026 (the “Alabama Power LGA”), between Alabama Power and the U.S. Department of Energy (the “DOE”), as guarantor, (ii) a note purchase agreement, dated as of February 20, 2026 (the “Alabama Power NPA”), among Alabama Power, the Federal Financing Bank (the “FFB”) and the Secretary of Energy, acting through the DOE, and (iii) future advance promissory notes, each dated February 20, 2026, made by Alabama Power to the FFB
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
ALABAMA POWER CO entered into Georgia Power Loan Documents with U.S. Department of Energy valued at Loan guarantee agreement and future advance promissory notes; aggregate principal amount not specifi (effective 2026-02-20).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- U.S. Department of Energy
- Value
- Loan guarantee agreement and future advance promissory notes; aggregate principal amount not specifi
- Effective
- 2026-02-20
Exact text from the filing
In addition, on February 20, 2026, pursuant to the DOE Loan Guarantee Program, Georgia Power entered into (i) a loan guarantee agreement, dated as of February 20, 2026 (the “Georgia Power LGA” and, together with the Alabama Power LGA, the “Loan Guarantee Agreements”), between Georgia Power and the DOE, as guarantor, (ii) a note purchase agreement, dated as of February 20, 2026 (the “Georgia Power NPA”), among Georgia Power, the FFB and the Secretary of Energy, acting through the DOE, and (iii) future advance promissory notes, each dated February 20, 2026, made by Georgia Power to the FFB
View on SEC.gov
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