- Southern Company ( NYSE: SO ) priced $1.5B in principal amount of its Series 2023A 3.875% Convertible Senior Notes due Dec.15, 2025 in a private placement to qualified institutional buyers.
- Initial purchasers granted 13-day period to purchase up to an additional $225M in principal amount of the convertible notes.
- Net proceeds will be used to repay all or a portion of its outstanding commercial paper borrowings; remaining proceeds to be used for general corporate purposes, which may include investment in its subsidiaries.
- Interest on the convertible notes will be paid semi-annually at a annual rate of 3.875%.
- Offering is expected to close on Feb.28, 2023.
- The convertible notes will have an initial conversion rate of 11.8818 shares of Southern Company's common stock per $1,000 principal amount of the convertible notes.
- The convertible notes will mature on Dec.15, 2025.
For further details see:
Southern Company prices $1.5B in principal amount of convertible senior notes