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Mississippi Power sells $600M of notes

Mississippi Power Co. sold $600 million worth of senior notes, consisting of $300 million of series 2018A floating-rate notes and $300 million of series 2018B 3.95% notes.

The floating-rate notes mature March 27, 2020. The floating rate is based on the three-month London Interbank Offered Rate, plus 0.65%, reset quarterly. Interest on the notes is payable every 27th of March, June, September and December, beginning June 27.

Meanwhile, the 3.95% notes mature March 30, 2028, and have a spread to Treasury of 115 basis points. Interest on the notes is payable March 30 and Sept. 30 of each year, beginning Sept. 30. The notes were

Both 2018A and 2018B notes were expected to be rated Ba1 by Moody's, A- by S&P Global Ratings and BBB+ by Fitch Ratings, according to free writing prospectuses filed March 22.

The Southern Co. unit plans to use net proceeds to prepay a portion of its $900 million unsecured term loan, which matures on March 30.

Barclays Capital Inc., J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Mizuho Securities USA LLC served as joint book-running managers of the offerings. CIBC World Markets Corp., Commerz Markets LLC, Fifth Third Securities Inc., PNC Capital Markets LLC, Mischler Financial Group Inc., Samuel A. Ramirez & Co. Inc. and The Williams Capital Group LP acted as co-managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.