Southern Company $550 Million Junior Subordinated Notes Offering

Time 2 Minute Read
December 8, 2016
News

Hunton & Williams LLP advised the underwriters in the sale of $550,000,000 aggregate principal amount of Southern Company Series 2016B Junior Subordinated Notes, due March 15, 2057. The Notes will bear interest at a fixed rate of 5.50% for five years. Following that period, the Notes will bear interest at a floating rate based on the Three-Month LIBOR Rate plus 3.63%.

The Southern Company is incorporated under the laws of Delaware and is registered and qualified to do business under the laws of Georgia and is qualified to do business as a foreign corporation under the laws of Alabama. The Company owns all the outstanding common stock of Alabama Power Company, Georgia Power Company, Gulf Power Company and Mississippi Power Company, each of which is an operating public utility company supplying electric service in the states of Alabama, Georgia, Florida and Mississippi, respectively. The Company owns all of the common stock of Southern Power Company, which is also an operating public utility company, which constructs, acquires, owns and manages generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. In addition, the Company owns all of the common stock of Southern Company Gas, an energy services holding company.

The Hunton & Williams team included Bud Ellis, Steven Friend, Patrick Jamieson and Soyung Kang. Cary Tolley and Anna Page provided tax advice.

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