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Georgia Power Co., the largest subsidiary of electricity generator Southern Co. (SO), plans to issue $500 million of 30-year bonds in the U.S. credit markets Wednesday, according to a person familiar with the matter.
The company intends to use the proceeds to repay a portion of outstanding short-term debt and two bank loans. It may also use proceeds for general corporate purposes including its continuous construction program.
The notes are expected to be rated A3 by Moody's Investors Service, A by Standard & Poor's, and A-plus by Fitch Ratings.
Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank, SunTrust Robinson Humphrey, UBS and Wells Fargo Securities.
-By Patrick McGee, Dow Jones Newswires; 212-416-2382; firstname.lastname@example.org