Electricity provider sells stock at $100 per share to parent company
By Devika Patel
Knoxville, Tenn., Jan. 20 - Gulf Power Co. completed a private placement of stock on Jan. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission. The offering raised $50 million.
The company sold 500,000 common shares at $100.00 per share to its parent Southern Co. The price per share is a 300% premium to the Jan. 19 closing share price of $25.00.
The electric company is based in Pensacola, Fla.
| Issuer: | Gulf Power Co.
|
| Issue: | Common shares
|
| Amount: | $50 million
|
| Shares: | 500,000
|
| Price: | $100.00
|
| Warrants: | No
|
| Investor: | Southern Co.
|
| Settlement date: | Jan. 20
|
| Stock symbol: | NYSE: GUL
|
| Stock price: | $25.00 at close Jan. 20
|
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