Southern Company announces $2.15B convertible note offerings to repurchase existing notes and repay debt

SOUTHERN CO

Offers $650M convertible senior notes due Dec 2027 and $1.5B due Sep 2029 in private placements to QIBs.
Initial purchasers granted options for up to additional $97.5M (2027 notes) and $225M (2029 notes).
Proceeds to repurchase portions of existing Series 2024A 4.50% notes due 2027 and Series 2025A 3.25% notes due 2028.
Remaining proceeds to repay short-term debt and for general corporate purposes, including subsidiary investment.
Convertible notes are senior unsecured; conversion may be settled in cash, stock, or combination at company's election.

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