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Southern Company to Sell Subordinated Notes–Updated

UPDATE–as noted in the comments below the SEC Filing is now in. This is a very typical issue, with a early call date in 2025 and a maturity in 2080.

The preliminary prospectus can be read here.

Giant utility Southern Company (SO) will be selling a issue of $25 baby bonds.

No firm details are available (SEC filing is not in yet),

EarlyBird had some preliminary details very today showing a potential 5.125% coupon with an investment grade rating. If you Prefer posted “5% area” so it should come in the 5.0% to 5.125% area–I would be surprised if it were higher.

SO has 3 subordinated notes outstanding now and Georgia Power (a division of SO) has 1 issue outstanding.

You can see the outstanding issues on the “Baby Bond” page–and decide how a 5.00-5.125% issue would stack up.

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