Southern Co. offers $250 million $25-par 60-year junior subordinated notes at 5.25%-5.375%

By Stephanie N. Rotondo

Seattle, Sept. 12 – The Southern Co. intends to sell at least $250 million of $25-par series 2016A junior subordinated notes (expected ratings: Baa3/BBB), a market source reported on Monday.

Price talk on the 60-year debt is 5.25% to 5.375%, the source said.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

The notes are non-callable for five years.

Proceeds will be used to repay short-term debt and for other general corporate purposes.

Southern is an Atlanta-based gas and electric company.

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