BUZZ-Southern Company falls after upsized $1.45 billion convertible bonds offering

Reuters
22 May
BUZZ-Southern Company falls after upsized $1.45 billion convertible bonds offering

** Shares of energy provider Southern Company SO.N fall as much as 1.1%; last down 0.8% at $90.06

** Southern Company late on Tuesday announced pricing of its offering of $1.45 billion convertible bonds due 2028

** Offering upsized from initial size of $1.25 billion convertible bonds

** Initial conversion price of $113.54 represents 25% upside to stock's last close

** Stock set to snap 4-session winning streak, if losses hold

** Company plans to use the proceeds to repurchase portion of its convertible bonds due 2025 and 2027

** Six of 19 brokerages rate the stock "buy" or higher, 12 "hold" and one "sell"; with a median PT $94.50, according to data compiled by LSEG

** As of last close, SO stock up 10.3% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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