Hunton Andrews Kurth Advises Underwriters of Mississippi Power Company’s $525 Million Senior Notes Offerings

Hunton Andrews Kurth LLP advised the underwriters on an SEC-registered offering by Mississippi Power Company (Mississippi Power) of $200 million aggregate principal amount of Series 2021A Floating Rate Senior Notes due June 28, 2024 (2021A Notes) and $325 million aggregate principal amount of Series 2021B 3.10% Senior Notes due July 30, 2051 (2021B Notes). Mississippi Power will pay interest on the 2021A Notes quarterly in arrears at a floating rate equal to compounded SOFR. An amount equal to the net proceeds of the 2021B Notes will be allocated to finance or refinance, in whole or in part, one or more projects that meet certain “Eligibility Criteria.” “Eligibility Criteria” means projects within the following categories:

• Expenditures and investments related to the construction, development, expansion, production, acquisition, maintenance, transmission, research and development and operation of renewable energy generation and infrastructure including:
  • Solar power and
  • Wind power;
• The purchase of renewable energy from wind and solar power facilities, pursuant to long-term (minimum tenor of five years) power purchase agreements entered into prior to the commencement, or in the case of rehabilitated projects, the recommencement, of commercial operation of the applicable facility; and
• Expenditures and programs related to enabling opportunities for diverse and small businesses/suppliers.

Mississippi Power is a wholly owned subsidiary of The Southern Company. Mississippi Power is engaged in the generation, transmission, distribution and purchase of electricity and the sale of electric service within 23 counties in southeastern Mississippi, at retail in over 530 cities and towns (including Biloxi, Gulfport, Hattiesburg, Laurel, Meridian and Pascagoula), as well as in rural areas, and at wholesale to one municipality, six rural electric distribution cooperative associations and one generating and transmitting cooperative.

The Hunton Andrews Kurth team included Peter K. O’Brien, Steven Friend, Patrick Jamieson and Michelle Chan. Robert McNamara and Tim Strother provided tax advice.