05:27 AM EDT, 05/07/2024 (MT Newswires) -- Southern Company ( SO ) said Monday it has priced a private placement of $1.3 billion of its series 2024A 4.5% convertible senior notes due June 15, 2027.

The notes will have an initial conversion rate of 10.8166 shares per $1,000 of the notes, equivalent to an initial conversion price of about $92.45 per share.

Initial purchasers have been granted a 13-day option to buy up to an additional $200 million of the notes.

The offering, which was upsized from $1.1 billion, is set to close on Thursday.

Net proceeds from the offering will be used to repay the company's outstanding commercial paper borrowings and any remaining proceeds for general corporate purposes.

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