BUZZ - Utility company Southern Company rebounds after issuing $1.75 billions in convertible bonds

November 13 - ** Utility company Southern Company (SO.N) shares rose 1.8% to $94.09 on Friday, after the company successfully completed financing to restructure its debt

** Headquartered in Atlanta, Georgia, Southern Company announced Thursday night that it would publicly issue 35 million equity units at $50 per unit, raising $1.75 billion (link)

** These 3-year mandatory convertible units have an annual dividend rate of 8.652%; the share price threshold for conversion is $115.58, a 25% premium over the previous closing price

** On Thursday, SO closed down 1.5% at $92.47 after the company (link) launched the offering, aiming to partially repurchase 4.50% convertible notes due June 15, 2027

** The company plans to use the remaining net proceeds to repay all or part of its short-term debt and for general corporate purposes

** Bank of America and Barclays acted as joint bookrunners

** The stock has gained about 8% year-to-date, outperforming the S&P 500 Utilities Index’s approximately 3% increase .SPLRCU

** According to data from the London Stock Exchange Group (LSEG), the average rating from 24 analysts is "hold"; the median target price is $96.50

(To assist non-English speakers, Reuters automatically translates its reports into several other languages. As automated translation may contain errors or lack necessary context, Reuters does not guarantee the accuracy of these automated translations and provides them solely for the convenience of readers. Reuters disclaims any liability for any damages or losses arising from the use of automated translation features.)