Company: SOJE
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0000092122-25-000088
Chunk: 51

Company: SOUTHERN CO
Filing Date: 2025-11-03
Form: 424B5
Chunk 51
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 the holder’s exercise of such right will be void unless and until such a registration statement is effective.

The Senior Note Indenture does not limit the Company’s indebtedness, restrict dividends or generally restrict highly leveraged transactions; there are no financial covenants in the Senior Note Indenture.

Neither the Company nor any of the Company’s subsidiaries are restricted from incurring additional debt or other liabilities under the Senior Note Indenture. As of September 30, 2025, the Company, and the Company’s subsidiaries, had total consolidated indebtedness of $72.7 billion principal amount. If the Company incurs additional debt or liabilities, the Company’s ability to pay the Company’s obligations on the RSNs could be adversely affected. The Company expects that it and its subsidiaries will from time to time incur additional debt and other liabilities. In addition, the Company is not restricted under the Senior Note Indenture from paying dividends or issuing or repurchasing the Company’s securities.

There are no financial covenants in the Senior Note Indenture. Except for the covenants described under “Description of the Remarketable Senior Notes—Consolidation, Merger or Sale,” there are no covenants or any other provisions in the Senior Note Indenture which may afford you protection in the event of a highly leveraged transaction including one that may or may not result in a change of control of the Company.

The contract adjustment payments are subordinated to the Company’s Senior Indebtedness and the contract adjustment payments and the RSNs are effectively subordinated to any existing or future secured indebtedness of the Company and structurally subordinated to any existing or future preferred stock, indebtedness, guarantees and other liabilities of the Company’s subsidiaries.

The Company’s obligations under the contract adjustment payments are subordinated and junior in right of payment to all of the Company’s Senior Indebtedness. This means that the Company cannot make any contract adjustment payments until all holders of its Senior Indebtedness have been paid in full, or provision has been made for such payment, if such Senior Indebtedness is in default (subject to certain exceptions for grace periods and waivers). As of September 30, 2025, the Senior Indebtedness of the Company, on an unconsolidated basis, aggregated approximately $14.8 billion principal amount.

Since the Company is a holding company, the right of the Company and, hence, the right of creditors of the Company (including holders of the RSN