Southern Company to Call $25 Subordinated Debentures

The Southern Company (SO) will be calling their 5.25% junior subordinated debentures soon.

The issue to be called are the Series 2016A 5.25% shares (SOJB). At this moment these baby bonds are trading at $25.35.

No definitive date for the call is set, but they become callable on 10/1/2021.

The company has sold an issue of 1.875% notes in which they have stated the ‘use of proceeds’ is the call the above notes. Data is here.

One thought on “Southern Company to Call $25 Subordinated Debentures”

  1. Talk about stacking pennies.
    Goes Ex-dividend on 9/29 with a .33 dividend, so it should drop to just above par.
    Call is 30 days notice, so even if it is called today, there would still be a two week stub interest payment, which accrues at .00364 per day. (25*.0525/360)
    so for 10/1 to 10/15, the payment will be about $.05…(Literally stacking nickels..haha)

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