ATLANTA, Nov. 13, 2015 /PRNewswire/ -- Southern
Company subsidiary Southern Power announced that it has priced its
offering of $1 billion aggregate
principal amount of Green Bonds. The Green Bonds are senior notes,
comprised of $500 million of Series
2015C 4.15% Senior Notes due December 1,
2025 and $500 million of
Series 2015D 1.85% Senior Notes due December
1, 2017. The notes will be senior unsecured obligations of
Southern Power. Southern Power expects the offering to close on
November 17, 2015, subject to
customary closing conditions.
An amount equal to the net proceeds of the offering will be
allocated to renewable energy generation projects, including
financing of, or investments in, solar and wind power generation
facilities located in the United States.
BofA Merrill Lynch, Barclays, MUFG, Mizuho Securities and Morgan
Stanley are acting as the joint book-running managers for the
offering, and BofA Merrill Lynch acted as Lead Green Structuring
Agent.
The offering was made under a shelf registration statement that
was filed with the U.S. Securities and Exchange Commission (SEC)
and became effective on September 10,
2015. The offering of the notes may be made only by means of
a prospectus supplement and accompanying prospectus, copies of
which may be obtained by visiting EDGAR on the SEC Web site at
www.sec.gov or by calling Merrill Lynch, Pierce, Fenner & Smith
Incorporated toll-free at 1-800-294-1322, Barclays Capital Inc.
toll free at 1-888-603-5847, Mitsubishi UFJ Securities
(USA), Inc. toll-free at
1-877-649-6848, Mizuho Securities USA Inc. toll-free at 1-866-271-7403 or Morgan
Stanley & Co. LLC toll-free at 1-866-718-1649.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Southern Power
Southern Power, a subsidiary of Southern Company, is a leading
U.S. wholesale energy provider meeting the electricity needs of
municipalities, electric cooperatives and investor-owned utilities.
Southern Power and its subsidiaries own or have the rights to 31
facilities operating or under construction in nine states with more
than 10,200 MW of generating capacity in Alabama, California, Florida, Georgia, Nevada, New
Mexico, North Carolina,
Oklahoma and Texas.
Cautionary Notes Regarding Forward-Looking
Statements:
Certain information contained in this release is
forward-looking information based on current expectations and plans
that involve risks and uncertainties. Forward-looking information
includes, among other things, statements concerning the closing of
the offering and the use of proceeds therefrom. Southern Power
Company ("Southern Power") cautions that there are certain factors
that can cause actual results to differ materially from the
forward-looking information that has been provided. The reader is
cautioned not to put undue reliance on this forward-looking
information, which is not a guarantee of future performance and is
subject to a number of uncertainties and other factors, many of
which are outside the control of Southern Power; accordingly, there
can be no assurance that such suggested results will be realized.
The following factors, in addition to those discussed in Southern
Power's Annual Report on Form 10-K for the year ended December 31, 2014, and subsequent securities
filings, could cause actual results to differ materially from
management expectations as suggested by such forward-looking
information: the impact of recent and future federal and state
regulatory changes, including legislative and regulatory
initiatives regarding deregulation and restructuring of the
electric utility industry, environmental laws including regulation
of water and emissions of sulfur, nitrogen, carbon dioxide, soot,
particulate matter, hazardous air pollutants, including mercury,
and other substances, and also changes in tax and other laws and
regulations to which Southern Power or its subsidiaries are
subject, as well as changes in application of existing laws and
regulations; current and future litigation, regulatory
investigations, proceedings, or inquiries, including Federal Energy
Regulatory Commission matters and Internal Revenue Service and
state tax audits; the effects, extent, and timing of the entry of
additional competition in the markets in which Southern Power or
its subsidiaries operate; variations in demand for electricity,
including those relating to weather, the general economy and
recovery from the last recession, population and business growth
(and declines), the effects of energy conservation and efficiency
measures, including from the development and deployment of
alternative energy sources such as self-generation and distributed
generation technologies, and any potential economic impacts
resulting from federal fiscal decisions; available sources and
costs of fuels; effects of inflation; the ability to control costs
and avoid cost overruns during the development and construction of
generating facilities, to construct facilities in accordance with
the requirements of permits and licenses, and to satisfy any
operational and environmental performance standards, including the
requirements of tax credits and other incentives; advances in
technology; state and federal rate regulations; the ability to
successfully operate generating facilities and the successful
performance of necessary corporate functions; internal
restructuring or other restructuring options that may be pursued;
potential business strategies, including acquisitions or
dispositions of assets or businesses, which cannot be assured to be
completed or beneficial to Southern Power; the ability of
counterparties of Southern Power or its subsidiaries to make
payments as and when due and to perform as required; the ability to
obtain new short- and long-term contracts with wholesale customers;
the direct or indirect effect on Southern Power's business
resulting from cyber intrusion or terrorist incidents and the
threat of terrorist incidents; interest rate fluctuations and
financial market conditions and the results of financing efforts;
changes in Southern Power's credit ratings, including impacts on
interest rates, access to capital markets, and collateral
requirements; the impacts of any sovereign financial issues,
including impacts on interest rates, access to capital markets,
impacts on currency exchange rates, counterparty performance, and
the economy in general; the ability of Southern Power to obtain
additional generating capacity at competitive prices; catastrophic
events such as fires, earthquakes, explosions, floods, hurricanes
and other storms, droughts, pandemic health events such as
influenzas, or other similar occurrences; the direct or indirect
effects on Southern Power's business resulting from incidents
affecting the U.S. electric grid or operation of generating
resources; and the effect of accounting pronouncements issued
periodically by standard-setting bodies.
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SOURCE Southern Company