Giant utility Southern Company (SO) will be selling a new $25 baby bond. It is noted that the company will be selling a $1,000 series at the same time.
This baby bond will have a maturity in 2060 and proceeds will be used to redeem all or a portion of the 6.25% Junior Subordinated Notes (SOJA).
The issue will be investment grade.
The company has numerous issues outstanding which can be seen here.
EarlyBird got the worm on this one and posits a coupon in the 4.375%-4.50%.