Southern Company Announces $1.25 Billion Convertible Senior Notes Offering for Debt Repurchase and Repayment Initiatives

Reuters
20 May
Southern Company Announces $1.25 Billion Convertible Senior Notes Offering for Debt Repurchase and Repayment Initiatives

Southern Company has announced its plans to utilize a portion of the net proceeds from a newly issued offering to repurchase parts of its Series 2023A and Series 2024A Convertible Senior Notes, due in 2025 and 2027, respectively. These transactions will be negotiated individually with select holders of the existing convertible notes. The company also intends to allocate any remaining funds to repay outstanding commercial paper borrowings and for general corporate purposes, potentially benefiting its subsidiaries. The final terms of the new Convertible Notes, including the conversion price and interest rate, will be set at the time of pricing. These developments are part of Southern Company's broader financial strategy to optimize its debt structure while potentially impacting the market dynamics of its common stock.

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