ATLANTA (dpa-AFX) - On Friday, Southern Company (SO) priced an offering of 35 million Series A Equity Units worth a total of $1.75 billion. Each $50 unit includes a future stock purchase contract and partial ownership interests in two senior notes due in 2031 and 2034. The offering is expected to close on November 17, 2026, subject to customary conditions.
Southern Company has given underwriters the option to purchase up to 5 million additional equity units worth $250 million within 13 days to cover excess demand. The company expects to raise approximately $1.724 billion, or $1.970 billion if the option is fully exercised.
It plans to use $135.3 million to repurchase existing convertible notes and the remaining funds to repay short-term debt and support general corporate purposes, including investments in its subsidiaries.
On the NYSE, the shares are trading 1.98 percent up at $94.30.
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