SOUTHERN CO (SO): debt financing — Southern issues $1.5B of 4.50% convertible notes due 2027 at ~$92.45 conversion price

SOUTHERN CO

Issued $1.5 billion of 4.50% Convertible Senior Notes due June 15, 2027, including $200M overallotment.
Initial conversion price approximately $92.45 per common share (10.8166 shares per $1,000 principal).
Notes are unsecured, unsubordinated, not redeemable by company; holders can convert under specified conditions.
Sold via private placement under Section 4(a)(2) and Rule 144A; common shares issuable upon conversion unregistered.
Use of proceeds not disclosed; expected for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SOUTHERN CO incurred convertible notes of $1,500,000,000 with Computershare Trust Company, N.A. at 4.50% maturing June 15, 2027.

Instrument: convertible notes
Principal: $1,500,000,000
Counterparty: Computershare Trust Company, N.A.
Rate: 4.50%
Maturity: June 15, 2027
Event: incurrence

Exact text from the filing

On May 9, 2024, The Southern Company (the “Company”) issued $1,500,000,000 aggregate principal amount of its Series 2024A 4.50% Convertible Senior Notes due June 15, 2027

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SOUTHERN CO filing history →

Source: SEC EDGAR

accession 0000092122-24-000059

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