ATLANTA (dpa-AFX) - The Southern Co. (SO), an energy provider, on Thursday announced plans to offer 35 million equity units in a public offering, with an aggregate stated amount of $1.75 billion.
The company said that each equity unit will be priced at $50 and include a contract to purchase the company's common stock in the future and two 1/40 ownership interests in remarketable senior notes, each with a principal amount of $1,000.
The company also expects to grant underwriters an option to purchase an additional 5 million equity units worth $250 million to cover over-allotments.
The company intends to use part of the proceeds to repurchase some of its 4.50% convertible senior notes due June 15, 2027.
The remaining proceeds will be used to repay short-term debt and for general corporate purposes, including investments in its subsidiaries.
In the pre-market trading, the Southern Co is 0.59% lesser at $93.25 on the New York Stock Exchange.
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