Mirant Completes Spin-Off From Southern Company

Apr 02, 2001, 01:00 ET from Mirant Corporation

    ATLANTA, April 2 /PRNewswire/ -- Mirant (NYSE:   MIR) is now a fully
 independent, publicly traded company, after the completion of a spin-off from
 its parent, Southern Company (NYSE:   SO).
     In September of 2000, Southern Company sold 19.7 percent of Mirant's stock
 through an initial public offering of the company.  In today's spin-off,
 Southern Company distributed the remaining 80.3 percent of the company to its
 own shareholders.
     "This separation allows Mirant to focus more clearly on competitive energy
 markets worldwide," said Marce Fuller, president and chief executive officer
 of Mirant.  "We are very optimistic about Mirant's future, especially
 considering our recent trend of strong earnings and aggressive growth.  At
 Mirant, our goal is to make the most of the opportunities presented to us,
 benefiting our customers, investors, partners and employees."
     The spin-off was structured as a special dividend of 272 million Mirant
 shares, distributed by Southern Company to its shareholders.  As previously
 announced by Southern Company, its shareholders received 0.397614 shares of
 Mirant stock for every share of Southern Company common stock they own.
     Mirant's initial public offering of 66.7 million shares or 19.7 percent of
 the company, along with a concurrent trust preferred securities offering, was
 one of the largest ever in the energy sector, raising proceeds of $1.8 billion
 for the company.
     Standard and Poors added Mirant to its premier U.S. portfolio index, the
 S&P 500, at close of market today.  Mirant falls under the S&P 500 GICS
 Electric Utilities sub-industry group and the Electric Companies industry
 group.
     In conjunction with today's separation, Mirant launched the second phase
 of a worldwide advertising campaign that began with the introduction of its
 new company brand in January 2001.  Advertisements will run in The Wall Street
 Journal, Financial Times, The Economist, The New York Times and various
 industry trade publications.  Also, the company launched its new Web site
 today at www.mirant.com .
     Mirant is a global competitive energy company with a leading position in
 both power generation and energy risk management and marketing.  With an
 integrated business model, Mirant develops, constructs, owns and operates
 power plants and sells wholesale electricity, natural gas and other energy
 commodities.  Headquartered in Atlanta, with 7,000 employees worldwide, Mirant
 has extensive operations in North America, Europe, and Asia.  Mirant owns or
 controls more than 20,000 megawatts of electric generating capacity around the
 world, with another 9,000 megawatts under development.  In North America,
 Mirant controls an extensive natural gas asset base, including transportation,
 storage and access to approximately 3.7 billion cubic feet per day of natural
 gas production.
 
 

SOURCE Mirant Corporation
    ATLANTA, April 2 /PRNewswire/ -- Mirant (NYSE:   MIR) is now a fully
 independent, publicly traded company, after the completion of a spin-off from
 its parent, Southern Company (NYSE:   SO).
     In September of 2000, Southern Company sold 19.7 percent of Mirant's stock
 through an initial public offering of the company.  In today's spin-off,
 Southern Company distributed the remaining 80.3 percent of the company to its
 own shareholders.
     "This separation allows Mirant to focus more clearly on competitive energy
 markets worldwide," said Marce Fuller, president and chief executive officer
 of Mirant.  "We are very optimistic about Mirant's future, especially
 considering our recent trend of strong earnings and aggressive growth.  At
 Mirant, our goal is to make the most of the opportunities presented to us,
 benefiting our customers, investors, partners and employees."
     The spin-off was structured as a special dividend of 272 million Mirant
 shares, distributed by Southern Company to its shareholders.  As previously
 announced by Southern Company, its shareholders received 0.397614 shares of
 Mirant stock for every share of Southern Company common stock they own.
     Mirant's initial public offering of 66.7 million shares or 19.7 percent of
 the company, along with a concurrent trust preferred securities offering, was
 one of the largest ever in the energy sector, raising proceeds of $1.8 billion
 for the company.
     Standard and Poors added Mirant to its premier U.S. portfolio index, the
 S&P 500, at close of market today.  Mirant falls under the S&P 500 GICS
 Electric Utilities sub-industry group and the Electric Companies industry
 group.
     In conjunction with today's separation, Mirant launched the second phase
 of a worldwide advertising campaign that began with the introduction of its
 new company brand in January 2001.  Advertisements will run in The Wall Street
 Journal, Financial Times, The Economist, The New York Times and various
 industry trade publications.  Also, the company launched its new Web site
 today at www.mirant.com .
     Mirant is a global competitive energy company with a leading position in
 both power generation and energy risk management and marketing.  With an
 integrated business model, Mirant develops, constructs, owns and operates
 power plants and sells wholesale electricity, natural gas and other energy
 commodities.  Headquartered in Atlanta, with 7,000 employees worldwide, Mirant
 has extensive operations in North America, Europe, and Asia.  Mirant owns or
 controls more than 20,000 megawatts of electric generating capacity around the
 world, with another 9,000 megawatts under development.  In North America,
 Mirant controls an extensive natural gas asset base, including transportation,
 storage and access to approximately 3.7 billion cubic feet per day of natural
 gas production.
 
 SOURCE  Mirant Corporation