Southern Co launches USD 2.15 billion convertible senior notes offering
SO•Convertible senior notes offering and use of proceeds
- Southern Company launched Rule 144A offerings of USD 2.15 billion convertible senior notes, split between USD 650 million due Dec. 15, 2027 and USD 1.5 billion due Sept. 15, 2029.
- Initial purchasers are expected to receive 13-day options for up to an additional USD 97.5 million of 2027 notes and USD 225 million of 2029 notes.
- Proceeds are earmarked for repurchases of outstanding convertible senior notes due 2027 and 2028 through privately negotiated transactions.
- Remaining net proceeds are targeted for repayment of short-term debt and general corporate purposes, including investment in subsidiaries.
