Southern Company 2016 Notes

Southern Company
$8.5 billion

1.55% Notes due 2018
1.85% Notes due 2019
2.35% Notes due 2021
2.95% Notes due 2023
3.25% Notes due 2026
4.25% Notes due 2036
4.40% Notes due 2046

On May 19, 2016, Southern Company announced its highly anticipated 7-part, $8.5 billion debt offering. Siebert Cisneros Shank was part of the syndicate, acting as a co-manager on the transaction. The use of proceeds were applied to its announced acquisition of AGL Resources. Investor demand was strong on this issue, as spreads tightened by at least 25 basis points on all tranches, to as much as 40 basis points. The deal settled on May 24, 2016, and the total order book size was just under $30 billion. With an issuance amount of $8.5 billion, this transaction is the largest domestic utility on record.