Southern Company Adjusts Conversion Rate for 2023A Notes

By Philip Seaworth • Monday, September 15 15:30 • Permanent Link

The Southern Company has announced an adjustment to the Conversion Rate for its Series 2023A 3.875% Convertible Senior Notes due December 15, 2025. The adjustment was made in accordance with Sections 2.05(d) and 2.05(i) of the Supplemental Indenture.

Since the issuance of the Series 2023A Notes, the Company has declared six regular quarterly cash dividends in excess of the Distribution Threshold. In each case, no adjustment was made to the Conversion Rate as the adjustment for such dividend would have required an increase in the Conversion Rate of less than one percent.

Effective September 15, 2025, the Conversion Rate has been adjusted to 11.9035 shares of the Common Stock per $1,000 principal amount of the Series 2023A Notes.

This adjustment was calculated using the formula in Section 2.05(d) of the Supplemental Indenture.

These changes reflect the Company's commitment to maintaining transparency and compliance with its obligations to noteholders. Following these announcements, the company's shares moved -0.15%, and are now trading at a price of $92.135. Check out the company's full 8-K submission here.

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