ATLANTA Southern Company (NYSE: SO) announced today that it plans to sell approximately 20 million shares of new common stock. The offering is expected to take place in early December.
The proceeds from the sale of these securities will be used to invest in our competitive wholesale generating business and our regulated business in the Southeast as well as to reduce debt, said Southern Company Chairman and Chief Executive Officer A.W. Bill Dahlberg.
The offering is being led by Goldman, Sachs & Co. A copy of the prospectus for the offering may be obtained from the offices of Goldman, Sachs & Co, 85 Broad Street, New York, N.Y. 10004.
Southern Company is an international energy company that operates more than 48,000 megawatts of electric generating capacity worldwide. Southern Company has operations in 12 countries on five continents. Based in Atlanta, Southern Company is the parent firm of Alabama Power, Georgia Power, Gulf Power, Mississippi Power, Savannah Electric and Southern Energy. Southern Company also provides energy-related marketing, risk management and technical services in the United States and Europe and offers Southern LINC wireless telecommunications.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.
Note: 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 timing of the offering. Although Southern Company believes that this forward-looking information is accurate, its business is dependent on various regulatory issues, general economic conditions and future trends, and these factors 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 Company.
The following factors, in addition to those discussed in the companys Annual Report on Form 10-K for the year ended December 31, 1999, and subsequent securities filings, could cause results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory change, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry and also changes in environmental and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing such laws; current and future litigation, including the EPA civil action against Georgia Power and potentially other of our subsidiaries and the diversity litigation against certain of our subsidiaries; the effects of increased competition in the markets in which Southern Companys subsidiaries operate; the impact of fluctuations in commodity prices, interest rates and customer demand; 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 the company; the effects of, and changes in, economic conditions in the areas in which Southern Companys subsidiaries operate; financial market conditions and the results of financing efforts; the timing and acceptance of the companys new product and service offerings; the ability of Southern Company to obtain additional generating capacity at competitive prices; weather and other natural phenomena; and the ability of Southern Company to meet the conditions for the spin off of Southern Energy, which include regulatory and other approvals.