Southern Co.’s 5.25% $25-par junior subordinated notes due 2076 admitted to NYSE

By Stephanie N. Rotondo

Seattle, Sept. 20 – Southern Co.’s $800 million of 5.25% $25-par series 2016A junior subordinated notes due Oct. 1, 2076 began trading on the New York Stock Exchange on Tuesday.

The ticker symbol is “SOJB.” Price talk on the 60-year debt piece was 5.25% to 5.375%. The deal came upsized from $250 million on Sept. 12.

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

The notes become callable Oct. 1, 2021 at par plus accrued interest. The issue can be redeemed prior to that date upon a tax event at par plus accrued interest. Additionally, upon a rating agency event, the notes can be called at 102 plus accrued interest.

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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