Filed Pursuant to Rule 433
Registration No. 333-159072
May 11, 2009
PRICING TERM SHEET
(To Preliminary Prospectus Supplement dated May 11, 2009)
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Issuer: |
The Southern Company |
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Security: |
Series 2009A 4.15% Senior Notes due May 15, 2014 |
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Expected Ratings*: |
A3/A-/A (Moody’s/Standard & Poor’s/Fitch) |
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Size: |
$350,000,000 |
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Maturity: |
May 15, 2014 |
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Public Offering Price: |
99.898% |
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Treasury Benchmark: |
1.875% due April 30, 2014 |
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US Treasury Yield: |
2.048% |
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Spread to Treasury: |
+212.5 bps |
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Re-offer Yield: |
4.173% |
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Redemption Terms: |
Make-whole call at T+35 bps |
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Coupon: |
4.15% |
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Interest Payment Dates: |
May 15 and November 15 of each year beginning November 15, 2009 |
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Format: |
SEC Registered |
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Transaction Date: |
May 11, 2009 |
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Expected Settlement Date: |
May 19, 2009 (T+6) |
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Joint Book-Running Managers: |
Citigroup Global Markets Inc. Goldman, Sachs & Co. UBS Securities LLC |
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Co-Managers: |
Cabrera Capital Markets, LLC Loop Capital Markets, LLC |
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CUSIP: |
842587CE5 |
*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, as amended, 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 the offering will arrange to send you the prospectus if you request it by calling The Southern Company collect at 1-404-506-0759, Citigroup Global Markets Inc. toll free at 1-877-858-5407, Goldman, Sachs & Co. toll free at 1-866-471-2526 or UBS Securities LLC toll free at 1-877-827-6444, extension 561-3884.