Southern prices upsized USD 2.38 billion convertible senior notes offering
Reuters2026/08/04 01:28- Southern Company priced upsized private placements of USD 2.38 billion in convertible senior notes, split between Series 2026A and Series 2026B.
- Series 2026A: USD 725 million of 2.125% Convertible Senior Notes due Dec. 15, 2027; Series 2026B: USD 1.65 billion of 3.5% Convertible Senior Notes due Sept. 15, 2029.
- Upsizes totaled USD 225 million versus prior sizes; initial purchasers received 13-day options for USD 356.25 million of additional notes.
- Net proceeds expected at about USD 2.35 billion; about USD 403 million earmarked to repurchase USD 369 million of 2024A 4.5% convertible notes due 2027.
- Deal expected to close Aug. 6, 2026; remaining proceeds targeted for short-term debt repayment, general corporate purposes.
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