Convertible Senior Notes

Southern Company priced $1.45 billion in 3.25% Convertible Senior Notes due 2028, a $200 million increase from its initial target. The notes, convertible at $113.54/share (25% premium over May 20 closing price), were issued privately under SEC Rule 144A. Proceeds (~$1.44 billion, rising to $1.63 billion if options are exercised) will refinance existing debt, cover commercial paper, and support corporate activities, including potential subsidiary investments. Southern noted potential stock volatility due to investor hedging adjustments. The offering, set to close by May 23, 2025, excludes public registration, restricting resale under U.S. securities laws.