Summary
This 8-K filing from The Southern Company, dated July 30, 2002, primarily announces the details of a new financing arrangement involving the issuance and sale of 8,000,000 7.125% Trust Preferred Securities by Southern Company Capital Trust VI. These securities are backed by a guarantee from The Southern Company and are tied to Series F 7.125% Junior Subordinated Notes issued by Southern Company Capital Funding, Inc. This issuance represents a strategic move by the company to raise capital through a structured financial instrument, aiming to fund its operations and potentially future growth initiatives. Investors should note the specific terms of the preferred securities, including their fixed dividend rate and liquidation amount, as well as the underlying credit support from the parent company.
Key Highlights
- 1Southern Company Capital Trust VI to issue 8,000,000 7.125% Trust Preferred Securities.
- 2The Trust Preferred Securities have a liquidation amount of $25 per security.
- 3The issuance is covered by an Underwriting Agreement dated July 24, 2002, with Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc. as underwriters.
- 4Southern Company Capital Funding, Inc. issued Series F 7.125% Junior Subordinated Notes due June 30, 2042, which support the Trust Preferred Securities.
- 5The Southern Company has provided a Preferred Securities Guarantee relating to these Trust Preferred Securities.
- 6The securities were registered under the Securities Act of 1933.
- 7The filing includes various supporting exhibits, such as indenture agreements, trust agreements, and legal opinions.