PRICING TERM SHEET | |
(To Preliminary Prospectus Supplement dated August 16, 2011) | |
| Issuer: | The Southern Company |
| Security: | Series 2011A 1.95% Senior Notes due September 1, 2016 |
| Expected Ratings:* | Baa1/A-/A (Moody’s/Standard & Poor’s/Fitch) |
| Size: | $500,000,000 |
| Initial Public Offering Price: | 99.848% |
| Maturity Date: | September 1, 2016 |
| Treasury Benchmark: | 1.50% due July 31, 2016 |
| US Treasury Yield: | 0.932% |
| Spread to Treasury: | +105 basis points |
| Re-offer Yield: | 1.982% |
| Coupon: | 1.95% |
| Make-Whole Call: | T+15 basis points |
| Interest Payment Dates: | March 1 and September 1 of each year, beginning March 1, 2012 |
| Denominations: | $1,000 and any integral multiple thereof |
| CUSIP/ISIN: | 842587CH8 / US842587CH88 |
| Trade Date: | August 16, 2011 |
| Expected Settlement Date: | August 23, 2011 (T+5) |
| Joint Book-Running Managers: | Citigroup Global Markets Inc. Merrill Lynch, Pierce, Fenner & Smith Incorporated U.S. Bancorp Investments, Inc. Wells Fargo Securities, LLC |
| Co-Managers: | Commerz Markets LLC BNP Paribas Securities Corp. Blaylock Robert Van, LLC Guzman & Company Lebenthal & Co., LLC Toussaint Capital Partners, LLC |
