The Southern Company completed the issuance of 40 million Series A Equity Units on November 6, 2025, following an underwriting agreement dated November 3, 2025. The offering was registered on Form S-3 (333-277138).
Each Unit has a stated amount of $50 and combines three elements:
- A Stock Purchase Contract requiring the purchase of Common Stock by December 15, 2028. Holders receive annual Contract Adjustment Payments (CAPs) at a rate of 2.975% of the stated amount. CAP obligations are junior to senior indebtedness, and the Company can defer payments, compounding interest at