By Cristal Cody
Tupelo, Miss., Aug. 14 – The Southern Co. priced an upsized $750 million of 18-month senior floating-rate notes (Baa2/BBB+/BBB+) in a Rule 144A and Regulation S offering on Tuesday at Libor plus 49 basis points, according to a market source.
The notes were initially talked to price in the Libor plus 50 bps area.
The deal was upsized from $500 million.
Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc. were the bookrunners.
Southern is an Atlanta-based electric utility company.
| Issuer: | Southern Co.
|
| Amount: | $750 million
|
| Description: | Senior floating-rate notes
|
| Maturity: | Feb. 14, 2020
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | Libor plus 49 bps
|
| Trade date: | Aug. 14
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Libor plus 50 bps area
|
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