0001160661-25-000014.txt : 20250916 0001160661-25-000014.hdr.sgml : 20250916 20250916170341 ACCESSION NUMBER: 0001160661-25-000014 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20250916 DATE AS OF CHANGE: 20250916 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN POWER CO CENTRAL INDEX KEY: 0001160661 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] ORGANIZATION NAME: 01 Energy & Transportation EIN: 582598670 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-289172 FILM NUMBER: 251318017 BUSINESS ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045065000 MAIL ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD CITY: ATLANTA STATE: GA ZIP: 30308 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN POWER CO CENTRAL INDEX KEY: 0001160661 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] ORGANIZATION NAME: 01 Energy & Transportation EIN: 582598670 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045065000 MAIL ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD CITY: ATLANTA STATE: GA ZIP: 30308 FWP 1 spcfwp2025b.htm FWP Document

Filed Pursuant to Rule 433
Registration No. 333-289172
September 16, 2025
PRICING TERM SHEET
(To Preliminary Prospectus Supplement dated September 16, 2025)
Issuer:Southern Power Company
Security:Series 2025B 4.90% Senior Notes due October 1, 2035
Expected Ratings:*Baa1 (Stable)/BBB+ (Stable)/BBB+ (Stable) (Moody’s/Standard & Poor’s/Fitch)
Principal Amount:$550,000,000
Initial Public Offering Price:99.747%
Maturity Date:October 1, 2035
Treasury Benchmark:4.250% due August 15, 2035
Benchmark Treasury Yield:4.032%
Spread to Treasury: +90 basis points
Re-offer Yield:4.932%
Optional Redemption:
Make-Whole Call:Prior to April 1, 2035 at T+15 basis points
Par Call:On or after April 1, 2035 at 100%
Coupon:4.90%
Interest Payment Dates:April 1 and October 1 of each year, beginning April 1, 2026
Format:SEC Registered
Denominations:$2,000 and integral multiples of $1,000 in excess thereof
CUSIP/ISIN:843646 AY6/US843646AY60
Trade Date:September 16, 2025
Expected Settlement Date:September 19, 2025 (T+3)
Active Joint Book-Running Managers:
BMO Capital Markets Corp.
Mizuho Securities USA LLC
PNC Capital Markets LLC
SMBC Nikko Securities America, Inc.
Passive Book-Running Manager:Santander US Capital Markets LLC
Co-Managers:BBVA Securities Inc.
BNY Mellon Capital Markets, LLC
CIBC World Markets Corp.
Huntington Securities, Inc.
Intesa Sanpaolo IMI Securities Corp.
TD Securities (USA) LLC

Concurrent Offering:$550,000,000 Series 2025A 4.25% Senior Notes due October 1, 2030, expected to be issued on September 19, 2025. The closing of the offering of the Series 2025B Senior Notes is not contingent on the closing of the concurrent offering.



* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling Southern Power Company collect at 1-404-506-0727, BMO Capital Markets Corp. toll free at 1-888-200-0266, Mizuho Securities USA LLC toll free at 1-866-271-7403, PNC Capital Markets LLC toll free at 1-855-881-0697 or SMBC Nikko Securities America, Inc. collect at 1-212-224-5135.