Georgia Power to offer series 2023A and series 2023B notes

By William Gullotti

Buffalo, N.Y., May 1 – Georgia Power Co. plans to price series 2023A and series 2023B senior notes, according to two 424B5 filings with the Securities and Exchange Commission.

The notes will be offered concurrently, and each will not be contingent upon the success of the other offer.

Each series will feature a make-whole call until some months prior to maturity, followed by a par call.

BofA Securities, Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC are the joint bookrunning managers for both offerings.

Computershare Trust Co., NA is the trustee.

Troutman Pepper Hamilton Sanders LLP is counsel to the issuer, with Hunton Andrews Kurth LLP acting as counsel to the underwriters.

Proceeds will be used to repay all or a portion of (i) $250 million outstanding under an uncommitted credit facility and (ii) $810 million outstanding commercial paper borrowings. Any remaining net proceeds will be used for other general corporate purposes, including the company’s continuous construction program.

Borrowings under the uncommitted credit facility bear interest at a floating rate (5.7% per annum as of March 31) and are payable on demand, after specified notice by the lender.

The electric utility is based in Atlanta.

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