Company: SOJE
Filing Date: 2025-02-26
Form Type: 424B2
Source: 0000092122-25-000026
Chunk: 5

Company: SOUTHERN CO
Filing Date: 2025-02-26
Form: 424B2
Chunk 5
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 incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. Before making an investment decision, you should carefully consider these risks as well as other information contained or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus.

The Series 2025B Junior Subordinated Notes are effectively subordinated to substantially all of the Company’s other debt, and the indenture governing the Series 2025B Junior Subordinated Notes does not limit the aggregate amount of indebtedness that may be issued by the Company.

The Company’s obligations under the Series 2025B Junior Subordinated Notes are subordinate and junior in right of payment to all of the Company’s Senior Indebtedness. This means that the Company cannot make any payments on the Series 2025B Junior Subordinated Notes until all holders of 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).

The indenture under which the Series 2025B Junior Subordinated Notes will be issued does not limit the aggregate amount of Senior Indebtedness that may be issued by the Company. As of December 31, 2024, the Senior Indebtedness of the Company, on an unconsolidated basis, aggregated approximately $14.9 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 Series 2025B Junior Subordinated Notes) to participate in any distribution of the assets of any subsidiary of the Company, whether upon liquidation, reorganization or otherwise, is structurally subordinated to the claims of creditors of each subsidiary. As of December 31, 2024, on a consolidated basis, the Company had approximately $64.2 billion of outstanding long-term debt (including securities due within one year), of which approximately $42.6 billion was long-term debt (including securities due within one year) of the Company’s subsidiaries. In addition, as of December 31, 2024, on a consolidated basis, the Company had approximately $1.3 billion of short-term notes payable, of which approximately $0.7 billion was short-term notes payable of the Company’s subsidiaries.

The Company may elect to defer interest payments on the Series 2025B Junior Subordinated Notes at its option for one or more periods of up to 10 consecutive years. This may affect the market