ATLANTA (dpa-AFX) - Southern Company (SO), a gas and electric utility company, on Monday announced offerings of $650 million of its convertible senior notes due December 15, 2027 and $1.5 billion of its convertible senior notes due September 15, 2029 in private placements.
In addition, Southern Company expects to grant the initial purchasers of the notes options to purchase up to an additional $97.5 million of the 2027 notes, and up to an additional $225 million of the 2029 notes.
Southern Company intends to use a portion of the net proceeds from these offerings to repurchase a portion of its 4.50% convertible senior notes due June 15, 2027 and its 3.25% convertible senior notes due June 15, 2028. The company also plans to use any remaining net proceeds to repay debt and for other general corporate purposes.
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