Exhibit 99
News
Sept. 27, 2000
News Media Contact:
David Mould (770) 821-7531
Chuck Griffin, (770) 821-7814
James M. Peters, (678) 579-5266
http://www.southernco.com
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Southern Company and Southern Energy
announce pricing of initial public offering
ATLANTA - Southern Company (NYSE: SO) and Southern Energy Inc., a
subsidiary of Southern Company, today announced the pricing of the initial
public offering of Southern Energy. The initial public offering of 58 million
shares of common stock (not including the underwriters' overallotment option)
was priced at $22 per share, which is expected to provide $1.276 billion of
gross proceeds to Southern Energy. Southern Energy's common stock commenced
trading today on the New York Stock Exchange under the symbol "SOE."
Southern Energy also announced today the pricing of a public offering
of convertible trust preferred securities. The convertible trust preferred
securities were priced to yield 6.25 percent with an effective conversion price
of $27.50 per share. The gross proceeds to Southern Energy from the offering of
the convertible trust preferred securities are expected to be approximately $300
million (not including the purchasers' overallotment option). The convertible
trust preferred securities will trade on the New York Stock Exchange under the
symbol "SOEPrA."
Net proceeds to Southern Energy of the combined offerings are expected
to be approximately $1.506 billion (not including the overallotment options).
Both offerings were jointly led by Goldman, Sachs & Co. and Morgan
Stanley Dean Witter. A copy of the final prospectus for each offering may be
obtained from the offices of Goldman, Sachs & Co, 85 Broad Street, New York,
N.Y. 10004.
(more)
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NEWS RELEASE 2 SEPT. 27, 2000
Southern Energy Inc. - with operations in 12 countries on five
continents - develops, builds, owns and operates power production and delivery
facilities and provides a broad range of services to utilities and industrial
companies around the world. Its Southern Company Energy Marketing unit provides
energy marketing, risk management and financial services and other
energy-related commodities, products and services to customers in the United
States and Canada.
Southern Company (NYSE: SO), the largest producer of electricity in the
United States, is also the parent firm of Alabama Power, Georgia Power, Gulf
Power, Mississippi Power and Savannah Electric.
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.
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