# Southern Company to Sell 35 Million Equity Units for $1.75 Billion and Repurchase Convertible Notes > Southern Company plans a $1.75 billion equity units offering led by BofA Securities and Barclays, using proceeds to repurchase convertible notes and repay short-term debt. - Published: 2026-11-12T12:20:20+00:00 - Section: Funding - Author: News Desk - URL: https://newsforagent.com/news/2026-11-12/southern-company-equity-units-offering - Source: [PR Newswire](https://www.prnewswire.com/news-releases/southern-company-announces-equity-units-offering-302937760.html) ## Key takeaways - Southern Company plans to sell 35 million equity units at a $50 stated amount each, totaling $1.75 billion. - BofA Securities and Barclays are joint book-running managers for the offering. - Proceeds will fund repurchases of Southern Company's Series 2024A 4.50% Convertible Senior Notes due June 15, 2027, and repay short-term debt. Southern Company plans to sell 35 million equity units at a $50 stated amount each, a $1.75 billion offering, with BofA Securities and Barclays as joint book-running managers, [PR Newswire](https://www.prnewswire.com/news-releases/southern-company-announces-equity-units-offering-302937760.html) reported on November 12, 2026. The Atlanta utility said it expects to grant the underwriters an option for 5 million additional units, $250 million in aggregate stated amount, to cover over-allotments. ## How the Southern Company Equity Units Work Each equity unit combines a contract to purchase [Southern Company](https://akta.pro/company-profiles/0000cju/southern-company) common stock in the future with two 1/40 undivided beneficial ownership interests in remarketable senior notes, each with a principal amount of $1,000. The offering is made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. Southern Company intends to use part of the net proceeds to repurchase a portion of its Series 2024A 4.50% Convertible Senior Notes due June 15, 2027, through individually negotiated transactions with a limited number of holders, effected through one of the equity units underwriters or its affiliate. The remaining proceeds would repay all or a portion of short-term indebtedness and fund general corporate purposes, including investments in subsidiaries. The company said it may also repurchase outstanding convertible notes after the offering closes, and that no assurance can be given as to how much, if any, of the notes will be repurchased or on what terms. [BofA Securities](https://akta.pro/company-profiles/000478u/bofa-securities) and [Barclays](https://akta.pro/company-profiles/00003tz/barclays) are the joint book-running managers. Southern Company expects that holders of the convertible notes who sell may enter into or unwind derivatives on its common stock or trade shares to hedge their exposure, activity the company said could affect the market price of its common stock or the equity units. ## Southern Company's Recent Funding Record According to akta.pro [company records](https://akta.pro/company-data), Southern Company has seven funding rounds on record, including a $2.4 billion post-IPO debt round in August 2026, a $1.8 billion post-IPO equity round in October 2025 and a $1.4 billion post-IPO debt round in May 2025. The same records list total funding of $8.5 billion and a 2026-2030 capital investment plan of $81 billion. ## Southern Company's Path to the Offering On November 5, 2026, Southern Company reported third-quarter 2026 earnings of $2.0 billion, or $1.77 per share, up from $1.7 billion a year earlier, PR Newswire reported. On October 30, 2026, the company announced executive leadership changes effective January 1, 2027, including Kim Greene moving to president of Southern Company Operations and Stan Connally to chairman, president and CEO of Georgia Power, PR Newswire reported. On November 5, 2026, Hart Energy reported that Southern Co. is positioning its data center electricity contracts to support a potential $100 billion, five-year capital investment program. ## When the Note Repurchases Are Expected Southern Company expects to enter into one or more privately negotiated transactions with a limited number of convertible note holders contemporaneously with the pricing of the equity units, using a portion of the offering proceeds to repurchase the notes on terms negotiated with each holder. ## Companies in this story - [Southern Company company profile](https://akta.pro/company-profiles/0000cju/southern-company) · website: http://www.southerncompany.com - [BofA Securities company profile](https://akta.pro/company-profiles/000478u/bofa-securities) · website: http://www.bofaml.com - [Barclays company profile](https://akta.pro/company-profiles/00003tz/barclays) · website: https://home.barclays --- News for Agent · https://newsforagent.com/llms.txt