Southern Company Announces Successful Remarketing

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May 05, 2022, 22:33 ET

ATLANTA, May 5, 2022 /PRNewswire/ -- Southern Company (NYSE: SO) announced today that it has successfully remarketed its Series 2019A Remarketable Junior Subordinated Notes due August 1, 2024 (the "Series 2019A Notes") and its Series 2019B Remarketable Junior Subordinated Notes due August 1, 2027 (the "Series 2019B Notes" and, together with the Series 2019A Notes, the "Notes"). The optional remarketing was conducted pursuant to the terms of the governing documents for the Notes, which were originally issued on August 16, 2019, as a part of Southern Company's 2019 Series A Corporate Units (the "Corporate Units").

Effective upon closing of the remarketing, the Series 2019A Notes will bear interest at 4.475% per year and the Series 2019B Notes will bear interest at 5.113% per year. The remarketing is expected to close on May 9, 2022, subject to customary closing conditions.

Southern Company will not directly receive any proceeds from the remarketing of the Notes. It is expected that on August 1, 2022, which is the purchase contract settlement date for the Corporate Units, a portion of the proceeds of the portfolio of treasury securities required to be purchased with the proceeds of the remarketing will be used to settle the purchase contracts issued as part of the Corporate Units. The remaining portion of the proceeds of the portfolio of treasury securities will be distributed to the holders of the Corporate Units.

The offering is being made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (the "SEC"). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of Notes in connection with the remarketing may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting: Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, [email protected], Phone: 1-888-603-5847; Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, Attention: General Counsel, Facsimile: (646) 291-1469; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 1-866-471-2526, Facsimile: 212-902-9316, Email: [email protected]; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attn: Investment Grade Syndicate Desk, Tel: (212) 834-4533, Fax: (212) 834-6081; Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, Phone: 1-866-718-1649; Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Email: [email protected], Toll-Free: 1-800-645-3751.

About Southern Company

Southern Company is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. To learn more, visit www.southerncompany.com.

SOURCE Southern Company