Southern Company to Offer $1.25 Billion in Convertible Notes

MT Newswires Live
20 May

Southern Company (SO) said Tuesday it plans to raise $1.25 billion through a private offering of convertible senior notes due 2028.

The company also expects to offer an additional $200 million in notes to initial purchasers within 13 days of issuance.

The unsecured notes will pay interest semiannually and may be converted into cash, shares, or a combination, depending on Southern's choice, the company said, adding that conversion will be limited to specific conditions before March 15, 2028, and open at any time afterward until shortly before maturity.

Proceeds from the offering will be partially used to repurchase portions of its outstanding 2023A and 2024A convertible notes and reduce commercial paper debt, it added.

Remaining funds may be used for general corporate purposes, including investments in subsidiaries, the company said, adding that final pricing terms, including interest rate and conversion price, will be set at the time of issuance.

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