The Southern Company has issued a total of $2.73 billion in aggregate principal amount of Convertible Senior Notes across two separate series. The transaction, which closed on August 6, 2026, creates a new direct financial obligation for the company and includes proceeds from the full exercise of over-allotment options by the initial purchasers.
Key Details
- Series 2026A Notes: $833,750,000 in aggregate principal amount of 2.125% notes due December 15, 2027, with an initial conversion price of approximately $104.56 per share.
- Series 2026B Notes: $1,897,500,000 in aggregate principal amount of 3.50% notes due September 15, 2029, with an initial conversion price of approximately $118.50 per share.
- Terms & Placement: The notes are direct, unsecured, and unsubordinated obligations of the company, sold in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A.