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Southern Co. to price $25-par junior subordinated notes due 2077
By Devika Patel
Knoxville, Tenn., Nov. 17 – The Southern Co. plans to sell $25-par series 2017B junior subordinated notes due Dec. 1, 2077, according to a prospectus filed with the Securities and Exchange Commission. There is an over-allotment option.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
The notes become redeemable on or after Dec. 1, 2022 at par plus accrued interest.
The new securities will be listed on the New York Stock Exchange.
Proceeds will be used to pay a portion of outstanding short-term debt and for other general corporate purposes, including investments in subsidiaries.
Southern is an Atlanta-based electric utility company.
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