New Georgia Power (NYSE: GPJA) debt adds 2025B, 2025D and 2025E note issues

Rhea-AI Filing Summary

Georgia Power Company entered into underwriting agreements to issue several new senior notes. The company added $250,000,000 of Series 2025B 4.85% Senior Notes due March 15, 2031, increasing the total outstanding for that series to $750,000,000. Georgia Power also agreed to issue $750,000,000 of Series 2025D 4.00% Senior Notes due October 1, 2028 and $500,000,000 of Series 2025E 5.50% Senior Notes due October 1, 2055. All of these senior notes were registered under an existing shelf registration statement, with multiple underwriting banks participating under detailed underwriting and indenture supplemental agreements.

Insights

Utility credit and capital structure analyst

Georgia Power expands long-term debt with three senior note issues across staggered maturities.

Georgia Power is increasing its funded debt through additional tranches of fixed-rate senior notes. It added $250,000,000 to its existing Series 2025B 4.85% Senior Notes due 2031, bringing that series to $750,000,000 outstanding, and launched new Series 2025D 4.00% notes due 2028 and Series 2025E 5.50% notes due 2055. These issues provide a mix of intermediate- and very long-dated funding.

Because all three series are issued under an established senior note indenture and registered shelf, this represents a routine capital markets transaction for a regulated utility. The fixed coupons lock in interest costs at stated rates for each maturity, which can help planning but also commits the company to these financing terms over time. Detailed underwriting agreements and legal and tax opinions are included as exhibits, reflecting standard documentation for institutional debt offerings.

The new notes’ impact will depend on how the company balances this added debt with its regulated revenue framework and capital spending. Future financial statements and regulatory filings will show how the additional interest expense and principal obligations fit into Georgia Power’s broader financing plan.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) September 24, 2025

Commission
File Number Registrant,
State of Incorporation,
Address and Telephone Number I.R.S. Employer
Identification No.

1-6468 Georgia Power Company 58-0257110

(A Georgia Corporation)

241 Ralph McGill Boulevard, N.E.

Atlanta, Georgia 30308

(404) 506-6526

The name and address of the registrant have not changed since the last report.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant			Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Georgia Power Company			Series 2017A 5.00% Junior Subordinated Notes due 2077			GPJA			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 8.01. Other Events.

On September 24, 2025, Georgia Power Company (the “Company”) entered into an Underwriting Agreement covering the issue and sale of an additional $250,000,000 aggregate principal amount of its Series 2025B 4.85% Senior Notes due March 15, 2031 (the “Series 2025B Senior Notes”). The additional Series 2025B Senior Notes are part of the same series of debt securities as the Series 2025B Senior Notes issued by the Company on March 3, 2025. Upon completion of this offering, the aggregate principal amount of outstanding Series 2025B Senior Notes was $750,000,000. Also on September 24, 2025, the Company entered into Underwriting Agreements covering the issue and sale of $750,000,000 aggregate principal amount of its Series 2025D 4.00% Senior Notes due October 1, 2028 (the “Series 2025D Senior Notes”) and the issue and sale of $500,000,000 aggregate principal amount of its Series 2025E 5.50% Senior Notes due October 1, 2055 (the “Series 2025E Senior Notes”). The Series 2025D Senior Notes, the Series 2025E Senior Notes and the additional Series 2025B Senior Notes were each registered under the Securities Act of 1933, as amended, pursuant to the shelf registration statement (Registration No. 333-285111) of the Company.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
1.1(a)			Underwriting Agreement relating to the additional Series 2025B Senior Notes, dated September 24, 2025, among the Company and Barclays Capital Inc., Santander US Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc. and U.S. Bancorp Investments, Inc., as representatives of the several Underwriters named in Schedule I thereto.
1.1(b)			Underwriting Agreement relating to the Series 2025D Senior Notes, dated September 24, 2025, among the Company and Barclays Capital Inc., Santander US Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc. and U.S. Bancorp Investments, Inc., as representatives of the several Underwriters named in Schedule I thereto.
1.1(c)			Underwriting Agreement relating to the Series 2025E Senior Notes, dated September 24, 2025, among the Company and Barclays Capital Inc., Santander US Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc. and U.S. Bancorp Investments, Inc., as representatives of the several Underwriters named in Schedule I thereto.

4.3(a)			Seventy-Fourth Supplemental Indenture to Senior Note Indenture dated as of March 3, 2025, providing for the issuance of the Series 2025B Senior Notes. (Designated in Form 8-K dated February 24, 2025, File No. 1-6468, as Exhibit 4.3(b).)
4.3(b)			Seventy-Sixth Supplemental Indenture to Senior Note Indenture dated as of September 29, 2025, providing for the issuance of the Series 2025D Senior Notes.
4.3(c)			Seventy-Seventh Supplemental Indenture to Senior Note Indenture dated as of September 29, 2025, providing for the issuance of the Series 2025E Senior Notes.
4.9(a)			Form of the Series 2025B Senior Note (included in Exhibit 4.3(a) above).
4.9(b)			Form of the Series 2025D Senior Note (included in Exhibit 4.3(b) above).
4.9(c)			Form of the Series 2025E Senior Note (included in Exhibit 4.3(c) above).
5.1(a)			Opinion of Troutman Pepper Locke LLP relating to the additional Series 2025B Senior Notes.
5.1(b)			Opinion of Troutman Pepper Locke LLP relating to the Series 2025D Senior Notes.
5.1(c)			Opinion of Troutman Pepper Locke LLP relating to the Series 2025E Senior Notes.
8.1(a)			Tax Opinion of Troutman Pepper Locke LLP relating to the additional Series 2025B Senior Notes.
8.1(b)			Tax Opinion of Troutman Pepper Locke LLP relating to the Series 2025D Senior Notes.
8.1(c)			Tax Opinion of Troutman Pepper Locke LLP relating to the Series 2025E Senior Notes.
23.1			Consent of Troutman Pepper Locke LLP (included in Exhibit 5.1(a) above).
23.2			Consent of Troutman Pepper Locke LLP (included in Exhibit 5.1(b) above).
23.3			Consent of Troutman Pepper Locke LLP (included in Exhibit 5.1(c) above).
23.4			Consent of Troutman Pepper Locke LLP (included in Exhibit 8.1(a) above).
23.5			Consent of Troutman Pepper Locke LLP (included in Exhibit 8.1(b) above).
23.6			Consent of Troutman Pepper Locke LLP (included in Exhibit 8.1(c) above).
104			Cover Page Interactive Data File – The cover page iXBRL tags are embedded within the inline XBRL document.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 29, 2025						GEORGIA POWER COMPANY
			By			/s/Melissa K. Caen
						Melissa K. Caen Assistant Secretary

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FAQ

What debt offerings did Georgia Power (GPJA) announce in this 8-K?

Georgia Power entered into underwriting agreements for three senior note tranches: additional Series 2025B 4.85% Senior Notes due March 15, 2031, new Series 2025D 4.00% Senior Notes due October 1, 2028, and new Series 2025E 5.50% Senior Notes due October 1, 2055.

How much additional Series 2025B Senior Notes did Georgia Power (GPJA) issue?

The company issued an additional $250,000,000 aggregate principal amount of Series 2025B 4.85% Senior Notes due March 15, 2031, bringing the total outstanding for that series to $750,000,000.

What are the sizes and maturities of Georgia Power (GPJA) Series 2025D and 2025E notes?

Georgia Power agreed to issue $750,000,000 of Series 2025D 4.00% Senior Notes due October 1, 2028 and $500,000,000 of Series 2025E 5.50% Senior Notes due October 1, 2055.

Under what registration did Georgia Power (GPJA) register these senior notes?

The additional Series 2025B Senior Notes, the Series 2025D Senior Notes, and the Series 2025E Senior Notes were registered under the Securities Act of 1933 pursuant to the company’s shelf registration statement with Registration No. 333-285111.

Which banks underwrote Georgia Power (GPJA) senior note offerings?

Underwriting agreements list Barclays Capital Inc., Santander US Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc., and U.S. Bancorp Investments, Inc. as representatives of the several underwriters for each note series.

What legal and tax opinions are associated with the Georgia Power (GPJA) note issues?

The filing includes opinions of Troutman Pepper Locke LLP relating to each series of senior notes and separate tax opinions for the additional Series 2025B, Series 2025D, and Series 2025E Senior Notes, along with related consents.