Georgia Power Co. sold $1.5 billion of senior notes to repay outstanding commercial paper borrowings and for general corporate purposes, including its continuous construction program.
The securities consist of $300 million of series 2019B 2.65% notes due Sept. 15, 2029; $700 million of series 2020A 2.10% notes due July 30, 2023; and $500 million of series 2020B 3.70% notes due Jan. 30, 2050. The notes were expected to be rated Baa1 by Moody's and A- by both S&P Global Ratings and Fitch Ratings, according to company filings.
Interest on the series 2019B notes is payable every March 15 and Sept. 15 of each year, beginning March 15, while interest on the series 2020A and series 2020B notes is payable every Jan. 30 and July 30 of each year, starting July 30.
The series 2019B notes are part of the same series of debt securities issued by Georgia Power on Sept. 10, 2019. When combined, the total outstanding series 2019B notes will be $650 million.
Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and MUFG Securities Americas Inc. are acting as joint book-running managers.
CIBC World Markets Corp., Commerz Markets LLC, Fifth Third Securities Inc., TD Securities (USA) LLC, Academy Securities Inc., CastleOak Securities LP, Penserra Securities LLC, R. Seelaus & Co. LLC and Siebert Williams Shank & Co. LLC served as co-managers.
Georgia Power is a Southern Co. subsidiary.