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