Southern Company closes $2B corporate unit offering with 7.125% annual distribution

SOUTHERN CO

Issued 40M corporate units (after full over-allotment) at $50 per unit for total proceeds of $2.0B.
Each unit includes stock purchase contract (buy SO common by Dec 2028 for $50) plus 1/40 interests in Series 2025B (due 2030) and 2025C (due 2033) remarketable senior notes.
Total annual distribution rate of 7.125% (2.975% contract adjustment payments + 4.15% interest on RSNs).
Underwriters included BofA Securities, J.P. Morgan Securities, Mizuho Securities USA.

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