File No. 70-7937
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Amendment No. 10
(Post-Effective No. 7)
to
FORM U-1
APPLICATION OR DECLARATION
under
The Public Utility Holding Company Act of 1935
THE SOUTHERN COMPANY
64 Perimeter Center East
Atlanta, Georgia 30346
ALABAMA POWER COMPANY MISSISSIPPI POWER COMPANY
600 North 18th Street 2992 West Beach
Birmingham, Alabama 35291 Gulfport, Mississippi 39501
GEORGIA POWER COMPANY GULF POWER COMPANY
333 Piedmont Avenue, N.E. 500 Bayfront Parkway
Atlanta, Georgia 30308 Pensacola, Florida 32501
SAVANNAH ELECTRIC AND POWER COMPANY SOUTHERN ELECTRIC GENERATING COMPANY
600 Bay Street East 600 North 18th Street
Savannah, Georgia 31401 Birmingham, Alabama 35291
(Name of company or companies filing this statement
and addresses of principal executive offices)
THE SOUTHERN COMPANY
(Name of top registered holding company parent of
each applicant or declarant)
Tommy Chisholm, Secretary
The Southern Company
64 Perimeter Center East
Atlanta, Georgia 30346
Art P. Beattie, Vice President,
Treasurer and Secretary W. E. Gilmore, Secretary
Alabama Power Company Mississippi Power Company
600 North 18th Street 2992 West Beach
Birmingham, Alabama 35291 Gulfport, Mississippi 39501
Judy M. Anderson Warren E. Tate, Secretary
Vice President and Corporate Secretary Gulf Power Company
Georgia Power Company 500 Bayfront Parkway
333 Piedmont Ave., N.E. Pensacola, Florida 32501
Atlanta, Georgia 30308
E. Olin Veale, Senior Vice President Art P. Beattie, Secretary
and Chief Financial Officer Southern Electric Generating Company
Savannah Electric and Power Company 600 North 18th Street
600 Bay Street East Birmingham, Alabama 35291
Savannah, Georgia 31401
(Names and addresses of agents for service)
The Commission is requested to mail signed copies of all orders, notices and
communications to the above agents for service and to:
W. L. Westbrook, Financial Vice President John F. Young, Vice President
The Southern Company Southern Company Services, Inc.
64 Perimeter Center East One Wall Street, 42nd Floor
Atlanta, Georgia 30346 New York, New York 10005
John D. McLanahan, Esq.
Troutman Sanders
600 Peachtree Street, N.E.
Suite 5200
Atlanta, Georgia 30308-2216
<PAGE>
Item 1. Description of Proposed Transactions.
Item 1 is hereby amended by adding thereto the
following:
"In HCAR No. 25507 (March 31, 1992) (the "1992 Order")
and in HCAR No. 25932 (November 30, 1993) (the "1993 Order"), the
Commission authorized, among other things, Gulf Power Company
("Gulf") to issue and sell, from time to time through March 31,
1996, (1) short-term and/or term loan notes to banks, (2)
commercial paper to dealers and/or (3) short-term non-negotiable
promissory notes to public entities in connection with the
financing of certain pollution control facilities through the
issuance of their revenue bond anticipation notes, all in an
aggregate principal amount not to exceed $75,000,000. The
Commission reserved jurisdiction over $25,000,000 of additional
borrowings by Gulf.
As of January 31, 1994, Gulf had outstanding
$68,500,000 in borrowings.
The revised statements of cash flows filed herewith as
Exhibit G reflect Gulf's latest projections with respect to
interim obligation borrowings, including certain refunding
transactions not previously contemplated. For example, in
December 1993 Gulf incurred $25,000,000 in bank borrowings
bearing interest at the rate of 4.69% per annum and maturing on
June 3, 1996. The proceeds of such borrowings were applied to
the redemption of $12,000,000 aggregate principal amount of First
Mortgage Bonds, 4 5/8% Series due October 1, 1994, and
$15,000,000 aggregate principal amount of First Mortgage Bonds,
6% Series due June 1, 1996, thus resulting in a significant
<PAGE>
- 2 -
savings after giving effect to costs incurred in such
refinancing. The increased authorization hereby sought will
afford Gulf the flexibility, among other things, to pursue other
economically beneficial refundings in the future, including the
possible redemption of approximately $19,500,000 of First
Mortgage Bonds, 9.20% Series due April 1, 1998.
In order to provide a reasonable degree of financial
flexibility in light of currently anticipated interim borrowing
requirements, Gulf hereby requests that the Commission release
jurisdiction over the $25,000,000 as described in the 1993 Order.
In the 1993 Order the Commission reserved jurisdiction
over the issuance of short-term promissory notes to public
entities in connection with pollution control financings, and it
is hereby requested that the Commission continue to reserve
jurisdiction over such notes pending completion of the record."
Item 6. Exhibits and Financial Statements.
(a) Exhibits.
G - Estimated statement of cash flows for Gulf
for the years 1994 and 1995 and for the
three months ended March 31, 1996.
<PAGE>
- 3 -
SIGNATURES
Pursuant to the requirements of the Public Utility
Holding Company Act of 1935, the undersigned companies have duly
caused this amendment to be signed on their behalf by the
undersigned thereunto duly authorized.
Dated February 4, 1994 THE SOUTHERN COMPANY
By /s/Tommy Chisholm
Tommy Chisholm, Secretary
ALABAMA POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
GEORGIA POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
GULF POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
MISSISSIPPI POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
SAVANNAH ELECTRIC AND POWER COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary
SOUTHERN ELECTRIC GENERATING COMPANY
By /s/Wayne Boston
Wayne Boston, Assistant Secretary <PAGE>
<TABLE>
Exhibit G
1/19/94
GULF POWER COMPANY
Statements of Cash Flows
Estimated for the Years 1993, 1994, 1995 and January-March 1996
<CAPTION>
January-
Year Year Year March
1993 1994 1995 1996
(Thousands of Dollars)
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. $63,171 $53,907 $37,515 $21,018
Principal Noncash Charges to Income:
Depreciation and Amortization 74,674 82,550 75,413 16,915
Deferred Income Taxes, Net (5,026) (4,011) (3,771) (783)
Net Cash Provided from Operating Activities 132,819 132,446 109,157 37,150
INVESTING ACTIVITIES:
Gross Property Additions (78,887) (72,240) (55,292) (14,546)
Other (7,585) (2,425) (1,445) (1,021)
Net Cash Used for Investing Activities (86,472) (74,665) (56,737) (15,567)
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds 75,000 - - -
Preferred Stock 35,000 - - -
Other Long-term Debt 53,425 42,000 - -
Retirements:
First Mortgage Bonds (88,809) (48,365) (4,022) -
Preferred Stock (21,000) (500) (500) (500)
Other Long-term Debt (48,389) (50,506) (9,235) -
Interim Obligations, Net (2,821) 48,145 10,540 (8,718)
Payment of Common Stock Dividends (41,800) (42,600) (43,300) (10,900)
Payment of Preferred Stock Dividends (5,729) (5,957) (5,901) (1,465)
Miscellaneous (1,714) - - -
Net Cash Provided from (Used for) Financing Activities (46,837) (57,783) (52,418) (21,583)
Net Change in Cash & Temporary Cash Investments (490) (2) 2 -
Cash and Temporary Cash Investments
at Beginning of Period 1,204 714 712 714
Cash and Temporary Cash Investments
at End of Period $714 $712 $714 $714
Interim Obligations Outstanding $41,179 $89,324 $99,864 $91,146
Interim Obligations Outstanding Excluding Proposed
First Mortgage Bond and Preferred Stock Sales $41,179 $89,324 $99,864 $91,146
</TABLE>
<TABLE>
GULF POWER COMPANY
Statements of Cash Flows
For the Year 1993 (Actualized through October)
(Thousands of Dollars)
YEAR 1993
<CAPTION>
January February March April May June July August
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. 31,592 4,716 (2,097) 9,337 (7,757) (45,575) 21,871 40,010
Principal Noncash Charges to Income:
Depreciation and Amortization 5,555 5,072 5,768 6,165 6,190 6,149 6,246 7,331
Deferred Income Taxes, Net (302) (411) 133 (1,568) (230) (571) (1,532) 231
Net Cash Provided from Operating Activities 36,845 9,377 3,804 13,934 (1,797) (39,997) 26,585 47,572
INVESTING ACTIVITIES:
Gross Property Additions 3,422 (5,506) (5,745) (19,390) (5,564) (5,453) (4,655) (6,166)
Other (7,045) (372) (1,269) (460) (322) 111 (1,279) 773
Net Cash Used for Investing Activities (3,623) (5,878) (7,014) (19,850) (5,886) (5,342) (5,934) (5,393)
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds - - - 15,000 - - 60,000 -
Preferred Stock - - - - - - - -
Other Long-term Debt - - - 13,000 - 32,550 - -
Retirements:
First Mortgage Bonds (2,450) - - (1,642) (15,000) - - (43,000)
Preferred Stock - - (1,000) - - - - -
Other Long-term Debt (574) (448) (811) (1,167) (1,304) (887) (13,255) (20,627)
Interim Obligations, Net (19,000) (1,500) 3,500 (7,000) 24,000 17,500 (33,000) 1,500
Payment of Common Stock Dividends (10,400) - - (10,400) - - (10,500) -
Payment of Preferred Stock Dividends (1,415) - 9 (1,387) - - (1,387) -
Miscellaneous (56) (73) (80) (408) (59) (631) (884) 478
Net Cash Provided from (Used for) Financing Activities (33,895) (2,021) 1,618 5,996 7,637 48,532 974 (61,649)
Net Change in Cash & Temporary Cash Investments (673) 1,478 (1,592) 80 (46) 3,193 21,625 (19,470)
Cash and Temporary Cash Investments
at Beginning of Period 1,204 531 2,009 417 497 451 3,644 25,269
Cash and Temporary Cash Investments
at End of Period 531 2,009 417 497 451 3,644 25,269 5,799
Interim Obligations Outstanding 25,000 23,500 27,000 20,000 44,000 61,500 28,500 30,000
Interim Obligations Outstanding Excluding Proposed
First Mortgage Bond & Preferred Stock Sales 25,000 23,500 27,000 20,000 44,000 61,500 28,500 30,000
GULF POWER COMPANY
Statements of Cash Flows
For the Year 1993 (Actualized through October) (Continued)
(Thousands of Dollars)
YEAR 1993
September October November December Total 1993
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. 8,560 25,948 (7,649) (15,785) 63,171
Principal Noncash Charges to Income:
Depreciation and Amortization 7,077 7,443 7,453 4,225 74,674
Deferred Income Taxes, Net (194) (194) (194) (194) (5,026)
Net Cash Provided from Operating Activities 15,443 33,197 (390) (11,754) 132,819
INVESTING ACTIVITIES:
Gross Property Additions (6,280) (8,569) (9,789) (5,192) (78,887)
Other (12) (212) 270 2,232 (7,585)
Net Cash Used for Investing Activities (6,292) (8,781) (9,519) (2,960) (86,472)
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds - - - - 75,000
Preferred Stock 20,000 - 15,000 - 35,000
Other Long-term Debt - - 7,875 - 53,425
Retirements:
First Mortgage Bonds - (1,717) - (25,000) (88,809)
Preferred Stock (20,000) - - - (21,000)
Other Long-term Debt (1,123) (314) (7,877) (2) (48,389)
Interim Obligations, Net (13,136) (6,520) (8,881) 39,716 (2,821)
Payment of Common Stock Dividends - (10,500) - - (41,800)
Payment of Preferred Stock Dividends (111) (1,315) (123) - (5,729)
Miscellaneous (1) - - - (1,714)
Net Cash Provided from (Used for) Financing Activities (14,371) (20,366) 5,994 14,714 (46,837)
Net Change in Cash & Temporary Cash Investments (5,220) 4,050 (3,915) 0 (490)
Cash and Temporary Cash Investments
at Beginning of Period 5,799 579 4,629 714 1,204
Cash and Temporary Cash Investments
at End of Period 579 4,629 714 714 714
Interim Obligations Outstanding 16,864 10,344 1,463 41,179 41,179
Interim Obligations Outstanding Excluding Proposed
First Mortgage Bond & Preferred Stock Sales 16,864 10,344 1,463 41,179 41,179
NOTES:
( ) Denotes red figure.
</TABLE>
<TABLE>
GULF POWER COMPANY
Statements of Cash Flows
For the Year 1994
(Thousands of Dollars)
ESTIMATED 1994
<CAPTION>
January February March April May June July August
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. 6,578 14,102 (1,785) 9,266 (2,456) (11,374) 21,988 13,453
Principal Noncash Charges to Income:
Depreciation and Amortization 7,487 7,495 7,499 7,466 7,474 7,483 6,191 6,207
Deferred Income Taxes, Net (334) (334) (334) (334) (334) (334) (334) (334)
Net Cash Provided from Operating Activities 13,731 21,263 5,380 16,398 4,684 (4,225) 27,845 19,326
INVESTING ACTIVITIES:
Gross Property Additions (1,424) (8,107) (6,570) (10,585) (7,911) (8,612) (5,935) (4,105)
Other (2,503) 648 (338) 411 (589) (112) (460) (312)
Net Cash Used for Investing Activities (3,927) (7,459) (6,908) (10,174) (8,500) (8,724) (6,395) (4,417)
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds - - - - - - - -
Preferred Stock - - - - - - - -
Other Long-term Debt - - - - - - - -
Retirements:
First Mortgage Bonds (27,000) - - (19,486) - - - -
Preferred Stock - (500) - - - - - -
Other Long-term Debt (686) (686) (686) (686) (686) (686) (715) (715)
Interim Obligations, Net 30,084 (12,627) 2,214 26,136 4,503 13,635 (8,547) (14,197)
Payment of Common Stock Dividends (10,700) - - (10,700) - - (10,700) -
Payment of Preferred Stock Dividends (1,502) 9 - (1,488) - - (1,488) -
Miscellaneous - - - - - - - -
Net Cash Provided from (Used for) Financing Activities (9,804) (13,804) 1,528 (6,224) 3,817 12,949 (21,450) (14,912)
Net Change in Cash & Temporary Cash Investments 1 (3)
Cash and Temporary Cash Investments
at Beginning of Period 714 714 714 714 714 715 715 715
Cash and Temporary Cash Investments
at End of Period 714 714 714 714 715 715 715 712
Interim Obligations Outstanding 71,263 58,636 60,850 86,986 91,489 105,124 96,577 82,380
Interim Obligations Outstanding Excluding Proposed
First Mortgage Bond & Preferred Stock Sales 71,263 58,636 60,850 86,986 91,489 105,124 96,577 82,380
GULF POWER COMPANY
Statements of Cash Flows
For the Year 1994 (Continued)
(Thousands of Dollars)
ESTIMATED 1994
September October November December Total 1994
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. (1,890) 24,891 (6,483) (12,383) 53,907
Principal Noncash Charges to Income:
Depreciation and Amortization 6,226 6,303 6,344 6,375 82,550
Deferred Income Taxes, Net (334) (334) (334) (337) (4,011)
Net Cash Provided from Operating Activities 4,002 30,860 (473) (6,345) 132,446
INVESTING ACTIVITIES:
Gross Property Additions (6,115) (5,963) (3,947) (2,966) (72,240)
Other 294 (100) (375) 1,011 (2,425)
Net Cash Used for Investing Activities (5,821) (6,063) (4,322) (1,955) (74,665)
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds - - - - -
Preferred Stock - - - -
Other Long-term Debt - - - 42,000 42,000
Retirements:
First Mortgage Bonds - (1,879) - - (48,365)
Preferred Stock - - - - (500)
Other Long-term Debt (715) (815) (715) (42,715) (50,506)
Interim Obligations, Net 2,534 (10,113) 5,510 9,013 48,145
Payment of Common Stock Dividends - (10,500) - - (42,600)
Payment of Preferred Stock Dividends - (1,488) - - (5,957)
Miscellaneous - - - -
Net Cash Provided from (Used for) Financing Activities 1,819 (24,795) 4,795 8,298 (57,783)
Net Change in Cash & Temporary Cash Investments 2 (2) (2)
Cash and Temporary Cash Investments
at Beginning of Period 712 712 714 714 714
Cash and Temporary Cash Investments
at End of Period 712 714 714 712 712
Interim Obligations Outstanding 84,914 74,801 80,311 89,324 89,324
Interim Obligations Outstanding Excluding Proposed
First Mortgage Bond & Preferred Stock Sales 84,914 74,801 80,311 89,324 89,324
NOTES:
( ) Denotes red figure.
</TABLE>
<TABLE>
GULF POWER COMPANY
Statements of Cash Flows
For the Year 1995 and Three Months 1996
(Thousands of Dollars)
ESTIMATED 1995
<CAPTION>
January February March April May June July August
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. 10,435 9,875 (8,051) 10,943 2,428 (21,580) 23,077 15,742
Principal Noncash Charges to Income:
Depreciation and Amortization 6,178 6,185 6,195 6,240 6,246 6,253 6,293 6,315
Deferred Income Taxes, Net (315) (315) (315) (315) (315) (315) (315) (315)
Net Cash Provided from Operating Activities 16,298 15,745 (2,171) 16,868 8,359 (15,642) 29,055 21,742
INVESTING ACTIVITIES:
Gross Property Additions (4,482) (3,611) (5,243) (4,601) (5,551) (7,057) (4,655) (5,065)
Other (859) (160) 215 (833) - 126 (429) (45)
Net Cash Used for Investing Activities (5,341) (3,771) (5,028) (5,434) (5,551) (6,931) (5,084) (5,110)
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds - - - - - - - -
Preferred Stock - - - - - - - -
Other Long-term Debt - - - - - - - -
Retirements:
First Mortgage Bonds - - - (1,966) - - - -
Preferred Stock - (500) - - - - - -
Other Long-term Debt (744) (744) (744) (744) (744) (774) (775) (775)
Interim Obligations, Net 2,078 (10,739) 7,940 3,552 (2,064) 23,347 (10,922) (15,857)
Payment of Common Stock Dividends (10,800) - - (10,800) - - (10,800) -
Payment of Preferred Stock Dividends (1,488) 9 - (1,474) - - (1,474) -
Miscellaneous - - - - - - - -
Net Cash Provided from (Used for) Financing Activities (10,954) (11,974) 7,196 (11,432) (2,808) 22,573 (23,971) (16,632)
Net Change in Cash & Temporary Cash Investments 3 - (3) 2 - - - -
Cash and Temporary Cash Investments
at Beginning of Period 712 715 715 712 714 714 714 714
Cash and Temporary Cash Investments
at End of Period 715 715 712 714 714 714 714 714
Interim Obligations Outstanding 91,402 80,663 88,603 92,155 90,091 113,438 102,516 86,659
Interim Obligations Outstanding Excluding Proposed
First Mortgage Bond & Preferred Stock Sales 91,402 80,663 88,603 92,155 90,091 113,438 102,516 86,659
GULF POWER COMPANY
Statements of Cash Flows
For the Year 1995 and Three Months 1996 (Continued)
(Thousands of Dollars)
ESTIMATED THREE
MONTHS 1996
September October November December Total 1995 January February
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. (9,318) 25,367 (5,760) (15,643) 37,515 9,632 12,590
Principal Noncash Charges to Income:
Depreciation and Amortization 6,327 6,380 6,389 6,412 75,413 5,625 5,638
Deferred Income Taxes, Net (315) (315) (315) (306) (3,771) (261) (261)
Net Cash Provided from Operating Activities (3,306) 31,432 314 (9,537) 109,157 14,996 17,967
INVESTING ACTIVITIES:
Gross Property Additions (3,806) (3,813) (3,615) (3,793) (55,292) (3,044) (4,844)
Other (220) (82) (166) 1,008 (1,445) (1,190) 100
Net Cash Used for Investing Activities (4,026) (3,895) (3,781) (2,785) (56,737) (4,234) (4,744)
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds - - - - - - -
Preferred Stock - - - - - - -
Other Long-term Debt - - - - - - -
Retirements:
First Mortgage Bonds - (2,056) - - (4,022) - -
Preferred Stock - - - - (500) - (500)
Other Long-term Debt (775) (900) (775) (741) (9,235) - -
Interim Obligations, Net 8,108 (12,208) 4,242 13,063 10,540 1,613 (12,735)
Payment of Common Stock Dividends - (10,900) - - (43,300) (10,900) -
Payment of Preferred Stock Dividends - (1,474) - - (5,901) (1,474) 9
Miscellaneous - - - - - - -
Net Cash Provided from (Used for) Financing Activities 7,333 (27,538) 3,467 12,322 (52,418) (10,761) (13,226)
Net Change in Cash & Temporary Cash Investments 1 (1) - 2 1 (3)
Cash and Temporary Cash Investments
at Beginning of Period 714 715 714 714 712 714 715
Cash and Temporary Cash Investments
at End of Period 715 714 714 714 714 715 712
Interim Obligations Outstanding 94,767 82,559 86,801 99,864 99,864 101,477 88,742
Interim Obligations Outstanding Excluding Proposed
First Mortgage Bond & Preferred Stock Sales 94,767 82,559 86,801 99,864 99,864 101,477 88,742
GULF POWER COMPANY
Statements of Cash Flows
For the Year 1995 and Three Months 1996 (Continued)
(Thousands of Dollars)
ESTIMATED THREE MONTHS 1996
Total Three
March Mos 1996
OPERATING ACTIVITIES:
Retained Earnings, Working Capital Changes, Etc. (1,204) 21,018
Principal Noncash Charges to Income:
Depreciation and Amortization 5,652 16,915
Deferred Income Taxes, Net (261) (783)
Net Cash Provided from Operating Activities 4,187 37,150
INVESTING ACTIVITIES:
Gross Property Additions (6,658) (14,546)
Other 69 (1,021)
Net Cash Used for Investing Activities (6,589) (15,567)
FINANCING ACTIVITIES:
Proceeds:
First Mortgage Bonds -
Preferred Stock -
Other Long-term Debt -
Retirements:
First Mortgage Bonds -
Preferred Stock - (500)
Other Long-term Debt -
Interim Obligations, Net 2,404 (8,718)
Payment of Common Stock Dividends - (10,900)
Payment of Preferred Stock Dividends - (1,465)
Miscellaneous -
Net Cash Provided from (Used for) Financing Activities 2,404 (21,583)
Net Change in Cash & Temporary Cash Investments 2
Cash and Temporary Cash Investments
at Beginning of Period 712 714
Cash and Temporary Cash Investments
at End of Period 714 714
Interim Obligations Outstanding 91,146 91,146
Interim Obligations Outstanding Excluding Proposed
First Mortgage Bond & Preferred Stock Sales 91,146 91,146
NOTES:
( ) Denotes red figure.
</TABLE>
