The Southern Company announced proposed private offerings of two series of convertible senior notes totaling $2.15 billion. The offerings consist of $650 million in notes due 2027 and $1.5 billion in notes due 2029, targeted at qualified institutional buyers.
Key Details
- Offering Breakdown: The company is offering $650 million in convertible senior notes due 2027 and $1.5 billion in convertible senior notes due 2029.
- Purchaser Option: Initial purchasers will have a 13-day option to purchase up to an additional $97.5 million of the 2027 notes and up to an additional $225 million of the 2029 notes.
- Use of Proceeds: Net proceeds will be used to repurchase a portion of its existing Series 2024A and Series 2025A convertible senior notes, repay outstanding short-term debt, and for general corporate purposes.