EFTA00818633

From: Richard Kahn To: "Jeffrey E." <jeevacationggmail.com> Subject: Fwd: New Issue 525 Par: The Southern Company (SO) Series 2016A Junior Subordinated Notes; 5.25% - 5.375%; fixed-for life Date: Mon, 12 Sep 2016 15:41:40 +0000 Attachments: SO_2016A_JSN_Prelim_Pro_Sup_-_Final.pdf i like the company name.. regardless it is a large utility company with a 49 billion market cap.. Richard Kahn HBRK Associates Inc. Begin forwarded message: From: "Atlas, Andrew S" < Subject: New Issue $25 Par: The Southern Company (SO) Series 2016A Junior Subordinated Notes; 5.25% - 5.375%; fixed-for life Date: September 12, 2016 at 10:34:50 AM EDT To: "Richard Kahn ( )" < Good Morning Rich, I hope you had a nice weekend. Morgan Stanley is pricing a new issue $25 par preferred today. Details: $25 Par New Issue Syndicate Offering: The Southern Company (SO) Issuer: The Southern Company (SO) Securities Offered: Series 2016A Junior Subordinated Notes Size: $250mm (10mm $25 par securities) Expected Ratings: Baa3 / BBB / BBB (St/Neg/St) EFTA00818633 Maturity: October 1, 2076 Price Guidance: 5.25% — 5.375% Offer Price: $25 per $25 par security Payment Dates: January 1, April 1, July 1, and October 1 of each year, beginning January 1, 2017. 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 October 1, 2021 at 100% -any time before October 1, 2021 at 100% upon a Tax Event. -any time before October 1, 2021 at 102% upon a Rating Event *See Prospectus Supplement for details* Use of Proceeds: The net proceeds from the sale of the Series 2016A Junior Subordinated Notes will be used by the Company to repay short-term indebtedness that was incurred to fund the maturity of the Company's $500,000,000 aggregate principal amount of Series 2011A 1.95% Senior Notes due September 1, 2016 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 Timing: Today's Business Let me know if you have any questions. Best, Andrew Andrew S. Atlas First Vice President Equity Sales/Middle Markets Group Financial Advisor Mor:an Stanle Wealth Mana:ement NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the r ht. to the extent •ermitted under applicable law, to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access these links. please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. EFTA00818634 EFTA00818635