Southern Company prices $1.45B 3.25% convertible notes due 2028; upsized by $200M

SOUTHERN CO

$1.45B aggregate principal of 3.25% Convertible Senior Notes due June 15, 2028, upsized $200M from prior announcement.
Initial conversion price ~$113.54/share, representing a ~25% premium over May 20 closing price of common stock.
Net proceeds ~$1.44B; $1.25B used to repurchase ~$781.6M of Series 2023A and ~$328.1M of Series 2024A convertible notes.
Remaining proceeds to repay commercial paper and for general corporate purposes.
Closing expected May 23, 2025; initial purchasers have 13-day option for additional $200M of notes.

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