Southern Co. plans fixed-to-fixed reset rate junior subordinated notes due 2051

Chicago, Sept. 15 – Southern Co. plans to sell an offering of series 2020B fixed-to-fixed reset rate junior subordinated notes due Jan. 15, 2051, according to a 424B5 filing with the Securities and Exchange Commission.

The interest rate will reset on Jan. 15, 2026.

The $1,000-par notes can be redeemed during any period starting on the Oct. 15 preceding an interest reset date.

On a ratings change, the notes can be redeemed at 102 plus interest.

The company is concurrently offering $25-par series 2020C junior subordinated notes due Oct. 15, 2060.

Wells Fargo Securities, LLC is the global coordinator.

Joining as joint bookrunners are Barclays, Citigroup Global Markets Inc., MUFG and Truist Securities, Inc.

Proceeds will be used to redeem the $1 billion 2015A 6.25% junior subordinated notes due Oct. 15, 2075 and repay $200 million on the company’s credit facility and all $75 million of its term loan. Any remaining proceeds will be used for general corporate purposes.

Southern Co. is an Atlanta-based gas and electric utility holding company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.