SOUTHERN CO (SO): debt financing — Southern Company issues $1.65B of 3.25% Convertible Senior Notes due 2028

SOUTHERN CO

Issued $1.65B of 3.25% Convertible Senior Notes due June 15, 2028; includes $200M over-allotment.
Initial conversion rate: 8.8077 shares per $1,000 principal (~$113.54/share); convertible under specified conditions.
Settles conversions in cash for principal amount, plus cash/stock for excess at company's election; notes not redeemable.
Sold via private placement to QIBs under Rule 144A; shares issuable upon conversion are unregistered.
Interest payable semi-annually starting Dec 15, 2025; matures June 15, 2028, unless converted or repurchased.

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 $1,650,000,000 aggregate principal amount with Computershare Trust Company, N.A., as successor trustee, and initial purchasers at 3.25% maturing June 15, 2028.

Instrument: convertible notes
Principal: $1,650,000,000 aggregate principal amount
Counterparty: Computershare Trust Company, N.A., as successor trustee, and initial purchasers
Rate: 3.25%
Maturity: June 15, 2028
Event: incurrence

Exact text from the filing

On May 23, 2025, The Southern Company (the "Company") issued $1,650,000,000 aggregate principal amount of its Series 2025A 3.25% Convertible Senior Notes due June 15, 2028 (the "Series 2025A Convertible Senior Notes")

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SOUTHERN CO filing history →

Source: SEC EDGAR

accession 0000092122-25-000060

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