Southern prices upsized USD 2.38 billion convertible senior notes offering

Southern Company priced upsized private placements of USD 2.38 billion in convertible senior notes, split between Series 2026A and Series 2026B.

• Series 2026A: USD 725 million of 2.125% Convertible Senior Notes due Dec. 15, 2027
• Series 2026B: USD 1.65 billion of 3.5% Convertible Senior Notes due Sept. 15, 2029
• The upsizes totaled USD 225 million versus prior sizes; initial purchasers received 13-day options for USD 356.25 million of additional notes
• Net proceeds are expected to be about USD 2.35 billion
• About USD 403 million is earmarked to repurchase USD 369 million of 2024A 4.5% convertible notes due 2027
• The deal is expected to close Aug. 6, 2026, with remaining proceeds targeted for short-term debt repayment and general corporate purposes