Georgia Power Co. increased the aggregate maximum purchase price of its $750 million cash tender offers for its senior notes.
As of the early tender deadline of 5 p.m. ET on May 18, the Southern Co. subsidiary said the following principal amounts have been tendered: $88.6 million of its $250 million outstanding series 2007A 5.65% senior notes due 2037; $326.2 million of the $500 million outstanding series 2009A 5.95% senior notes due 2039; and $335.1 million of its $600 million outstanding series 2010B 5.40% senior notes due 2040.
Additionally, $320.8 million of its $500 million outstanding series 2010C 4.75% senior notes due 2030 and $18.8 million of its $100 million outstanding series N 5.750% senior notes due were validly tendered. Both series of notes have acceptance priority levels of 4 and 5, respectively, and the company did not include any principal amount to be accepted.
Settlement date for the notes validly tendered on or before the early tender deadline and accepted for purchase is expected to be May 22. Each tender offer will expire at 11:59 p.m. ET on June 4, unless extended or earlier terminated.
J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and UBS Securities LLC acted as dealer managers, and Global Bondholder Services Corp. acted as the tender agent and information agent for the offers.