BUZZ - Utility company Southern Company shares dip slightly after announcing a $1.75 billion mandatory convertible bond issuance

November 12 - ** Utility company Southern Company SO.N saw its shares down 0.3% in early trading on Thursday at $93.52, as the company seeks financing

** Atlanta, Georgia-based SO announced (link) that it will publicly offer 35 million equity units at $50 per unit, raising $1.75 billion

** SO plans to use part of the net proceeds from this three-year mandatory convertible bond issuance (link) to partially redeem its 4.50% convertible notes due June 15, 2027

** The remaining funds will be used to repay short-term debt and for general corporate purposes

** Bank of America and Barclays are acting as joint bookrunners for this offering

** SO has a market value of about $109 billion

** The stock is up about 7% year-to-date, while the S&P 500 Utilities sector has gained about 3% .SPLRCU

** According to data from London Stock Exchange Group (LSEG), the average rating from 24 analysts is “Hold”; the median target price is $96.50, down from $100 a month ago

(To make it easier for non-English speakers, Reuters offers automatic machine translation of its reports into various languages. As automated translation may contain errors or lack the required context, Reuters does not guarantee the accuracy of translated texts, which are provided solely for reader convenience. Reuters accepts no liability for any damage or loss caused by the use of automated translation.)