Southern Company upsizes convertible note offerings; prices $2.375B across two series

Southern Company priced upsized private offerings of $725M Series 2026A and $1.65B Series 2026B convertible notes.

Key Highlights:

• Priced $725M Series 2026A 2.125% notes due Dec 15, 2027 and $1.65B Series 2026B 3.50% notes due Sept 15, 2029.
• Upsized offerings by $75M (2026A) and $150M (2026B); initial purchaser options add up to $108.75M and $247.5M respectively.
• Initial conversion prices ~ $104.56 (2026A, 9.5641 shares/$1,000) and ~ $118.50 (2026B, 8.4389 shares/$1,000), premiums ~12.5% and ~27.5%.
• Estimated net proceeds ~ $721M (or $829M if options exercised) for 2026A and ~$1.63B (or ~$1.88B) for 2026B.
• About $403M of proceeds intended to repurchase ~ $369M of Series 2024A notes; remainder for short-term debt repayment and general corporate purposes.

Original SEC Filing:

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