SOUTHERN <SO> UNIT PREFERRED OFFERING UNDERWAY
Lead underwriter PaineWebber Group Inc
<PWJ> said an offering of two mln shares of the Class A
preferred stock of Southern Co's Georgia Power Co subsidiary is
underway at 25 dlrs per share.
    It said the underwriters won the issue at competitive sale
today on a bid of 23.812 dlrs per share.
    The shares are not redeemable through refunding operations
before June 1, 1992, when a sinking fund will start retiring
the issue.
 Reuter
