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Southern Co. sells $1B in junior subordinated notes

Southern Co. sold $1 billion of series 2020A 4.95% junior subordinated notes due Jan. 30, 2080.

Interest on the notes is payable in arrears on every 30th of January, April, July and October of each year, starting April 30. The issue is expected to be rated Baa3 by Moody's, BBB by S&P Global Ratings and BBB- by Fitch Ratings.

The company plans to use net proceeds to repay all or a portion of its outstanding short-term indebtedness, which aggregated approximately $466 million as of Jan. 3, and for general corporate purposes.

BofA Securities Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and RBC Capital Markets LLC acted as joint book-running managers. PNC Capital Markets LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. acted as senior co-managers. Loop Capital Markets LLC and Samuel A. Ramirez & Co. Inc. acted as co-managers.