07:25 AM EDT, 05/06/2024 (MT Newswires) -- Southern Company ( SO ) (SO) launched an offering of $1.1 billion of its convertible senior unsecured notes due June 15, 2027 in a private placement.

The company also expects to grant the initial purchasers a 13-day option to buy up to an additional $200 million of convertible notes.

Final terms of the notes, including the initial conversion price and interest rate, will be determined at the time of pricing. Interest on the notes will be paid semiannually.

The company said it plans to use the net proceeds to repay its outstanding commercial paper borrowings, and any remaining proceeds for general corporate purposes.

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