New Issue: Southern Co. prices $600 million 2.75% five-year notes at Treasuries plus 105 bps

By Aleesia Forni

Virginia Beach, June 9 – Southern Co. priced $600 million of 2.75% five-year series 2015A senior notes (Baa1/A-/A) on Tuesday at Treasuries plus 105 basis points, according to an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.828 to yield 2.787%.

The notes sold at the wide end of talk set in the Treasuries plus 100 bps to 105 bps range.

BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds will be used to pay a portion of the company’s outstanding short-term debt and for other general corporate purposes.

The utility company is based in Atlanta.

Issuer:	Southern Co.
Amount:	$600 million
Description:	Series 2015A senior notes
Maturity:	June 15, 2020
Bookrunners:	BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
Co-managers:	BB&T Capital Markets, Commerz Markets LLC, Fifth Third Securities, Inc., PNC Capital Markets LLC, Samuel A. Ramirez & Co., Inc.
Coupon:	2.75%
Price:	99.828
Yield:	2.787%
Spread:	Treasuries plus 105 bps
Make-whole call:	Treasuries plus 20 bps prior to May 15, 2020, then callable at par
Trade date:	June 9
Settlement date:	June 12
Ratings:	Moody’s: Baa1
	Standard & Poor’s: A-
	Fitch: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 100 bps to 105 bps

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