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Utility Southern Company bounces after $1.75 bln convertible offering

By Reuters News

** Shares of utility Southern Company SO.N up 1.8% at $94.09 on Fri after it clinches capital raise to refinance debt

** Atlanta, Georgia-based SO late Thurs announced pricing public offering of 35 mln equity units at $50 for $1.75 bln

** The 3-year mandatory convertible units have 8.652% annual dividend; threshold appreciation (conversion) price of $115.58 is 25% premium to stock's last close

** SO shares finished down 1.5% at $92.47 on Thurs after co launched offering to partially repurchase 4.50% convertible notes due June 15, 2027

** It intends to use remainder of net offering proceeds to repay all or a portion of short-term debt, and for general corp purposes

** BofA and Barclays joint bookrunners

** Stock has risen ~8% YTD, outperforming ~3% rise in S&P 500 Utilities .SPLRCU

** Avg rating among 24 analysts is "hold"; median PT $96.50, per LSEG data

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