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.
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