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Southern Company announces offering of $1.25 billion in aggregate principal amount of Convertible Senior Notes due June 15, 2028
Southern Company (NYSE: SO) today announced an offering of $1.25 billion in aggregate principal amount of its convertible senior notes due June 15, 2028 (the "Convertible Notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In addition, Southern Company expects to grant the initial purchasers of the Convertible Notes an option to purchase, for settlement within a period of 13 days from, and inc
About this update from Southern Company (the)
[{"type":"text","content":"ATLANTA, May 20, 2025 /PRNewswire/ -- Southern Company (NYSE: SO) today announced an offering of $1.25 billion in aggregate principal amount of its convertible senior notes due June 15, 2028 (the "Convertible Notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In addition, Southern Company expects to grant the initial purchasers of the Convertible Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Convertible Notes are first issued, up to an additional $200 million in aggregate principal amount of the Convertible Notes.","length":703,"tagName":"p"},{"type":"text","content":"Final terms of the Convertible Notes, including the initial conversion price, interest rate and certain other terms of the Convertible Notes, will be determined at the time of pricing. The Convertible Notes will be senior, unsecured obligations of Southern Company. Interest on the Convertible Notes will be paid semiannually. The Convertible Notes will mature on June 15, 2028, unless repurchased or converted in accordance with their terms prior to such date.","length":461,"tagName":"p"},{"type":"text","content":"Prior to March 15, 2028, the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods. Thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, Southern Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of Southern Company's common stock, or a combination of cash and shares of common stock, at Southern Company's election, in respect of the remainder, if any, of Southern Company's conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted.","length":787,"tagName":"p"},{"type":"text","content":"Southern Company intends to use a portion of the net proceeds from this offering to repurchase a portion of its Series 2023A 3.875% Convertible Senior Notes due December 15, 2025 (the "Series 2023A Convertible Notes") and its Series 2024A 4....