Southern Company upsizes and prices $2.375B in convertible notes; repurchases $369M of existing notes

SOUTHERN CO

Pricing of $725M Series 2026A 2.125% convertible notes due 2027 and $1.65B Series 2026B 3.50% convertible notes due 2029, upsized by $75M and $150M respectively.
Initial conversion prices: $104.56/share (12.5% premium) for 2026A, $118.50/share (27.5% premium) for 2026B.
Net proceeds estimated at ~$721M (2026A) and ~$1.63B (2026B); ~$403M used to repurchase $369M of Series 2024A 4.50% convertible notes.
Remaining proceeds to repay short-term debt and for general corporate purposes.
Offerings expected to close August 6, 2026; initial purchasers have options to buy additional $108.75M (2026A) and $247.5M (2026B).

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