Southern Company announces pricing of equity units

Résumé détaillé

ATLANTA, Nov. 12, 2026 /PRNewswire/ -- Southern Company (NYSE: SO) today announced it has priced its offering of 35 million 2026 Series A Equity Units. Each 2026 Series A Equity…

ATLANTA, Nov. 12, 2026 /PRNewswire/ -- Southern Company (NYSE: SO) today announced it has priced its offering of 35 million 2026 Series A Equity Units. Each 2026 Series A Equity Unit will be issued in a stated amount of $50 ($1.75 billion aggregate stated amount) and will consist of a contract to purchase Southern Company common stock in the future, a 1/40 undivided beneficial ownership interest in Southern Company's Series 2026C Remarketable Senior Notes due 2031 having a principal amount of $1,000 and a 1/40 undivided beneficial ownership interest in Southern Company's Series 2026D Remarketable Senior Notes due 2034 having a principal amount of $1,000.

Total annual distributions on the 2026 Series A Equity Units will be at the rate of 8.625 percent, consisting of interest on the Series 2026C Remarketable Senior Notes due 2031, interest on the Series 2026D Remarketable Senior Notes due 2034 and payments under the related stock purchase contracts. The reference price for the 2026 Series A Equity Units is $92.47 per share. The threshold appreciation price for the 2026 Series A Equity Units is $115.58 per share, which represents a premium of approximately 25.0 percent over the reference price.

Southern Company has granted the underwriters an option to purchase during the 13-day period beginning on, and including, the initial issuance date of the 2026 Series A Equity Units up to 5 million additional 2026 Series A Equity Units (an additional aggregate stated amount of $250 million), solely for the purpose of covering over-allotments.

Southern Company estimates that the net proceeds from this offering will be approximately $1.724 billion (or $1.970 billion if the over-allotment option is exercised in full), after deducting the underwriting discounts and commissions but before deducting other offering expenses.

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