Southern Company prices upsized $1.45B convertible senior note offering
Southern Company (SO) announced the pricing of $1.45 billion in aggregate principal amount of its Series 2025A 3.25% Convertible Senior Notes due June 15, 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, reflecting an upsize of $200 million over the previously announced offering size. Interest on the Convertible Notes will be paid semiannually at a rate of 3.25% per annum. The Convertible Notes will have an initial conversion rate of 8.8077 shares of Southern Company's common stock per $1,000 principal amount of the Convertible Notes (which is equal to an initial conversion price of approximately $113.54 per share of common stock), representing an initial conversion premium of approximately 25% above the last reported sale price of Southern Company's common stock on May 20, 2025.
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