EFTA00844639.pdf

From: Richard Kahn To: "Jeffrey E." <jeevacationggmail.com> Subject: Fwd: New Issue S25 Par: The Southern Company (SO) 60nc5 Series 20I5A Junior Subordinated Notes - Yield guidance 6.25% - 6.375% Date: Thu, 01 Oct 2015 18:38:57 +0000 Attachments: Southem 20I5A_ JSN _Prelim Final-c.pdf Please advise Thank you Richard Kahn Begin forwarded message: From: "Atlas, Andrew S" < Subject: New Issue $25 Par: The Southern Company (SO) 60nc5 Series 2015A Junior Subordinated Notes Date: October 1, 2015 at 10:29:46 AM EDT To: "Richard Kahn ( )" < RK- Here's the Preferred Offering I mentioned in my earlier email. $25 Par New Issue Syndicate Offering: The Southern Company (SO) Issuer: The Southern Company Securities Offered: Series 2015A Junior Subordinated Notes Size: $250mm (10mm $25 par securities) Expected Ratings: Baal / BBB / BBB+ Maturity: 10/15/2075 Price Guidance: 6.25% — 6.375% EFTA00844639 Offer Price: $25 per $25 par security Payment Dates: January 15, April 15, July 15, and October 15 of each year, beginning January 15, 2016. Optional Deferral: Interest is deferrable at the issuer's option for up to 40 consecutive quarterly periods. Optional Redemption: Callable at the issuer's option: -on or after 10/15/2020 at 100% -any time before 10/15/2020 at 100% upon a Tax Event. -any time before 10/15/2020 at 102% upon a Rating Event See Prospectus for details Use of Proceeds: To pay a portion of outstanding short-term Indebtedness and for other general corporate purposes, including investment by the Company in its subsidiaries. DRD/QDI Eligible: No Subject to US Tax Withholding for NRA Clients: Generally No (please see prospectus) Expected Listing: NYSE Settle: T+5 Timing: Today's Business Best, AA Andrew S. Atlas Financial Advisor Equity Sales/Middle Markets Group Morgan Stanley Wealth Management Important Notice to Recipients: Please do not use e-mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately, we cannot execute such instructions provided in e-mail. Thank you. The sender of this e-mail is an employee of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous transmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent permitted under applicable law. to monitor electronic communications. This message is subject to terms available at the following link: http://www.morganstanley.com/disclaimers/mssbemail.html. If you cannot access this link, please notify us by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing. EFTA00844640