First Horizon National Corp. Announces Pricing of $500 Million Public Offering of Senior Notes
Company Plans to Use Proceeds to Repurchase TARP Preferred Shares
MEMPHIS, Tenn., Dec. 16, 2010 (GLOBE NEWSWIRE) -- First Horizon National Corporation (NYSE:FHN) announced today the pricing of an underwritten public offering of $500 million aggregate principal amount of its Senior Notes due 2015 at a fixed annual interest rate of 5.375%.
First Horizon intends to use the net proceeds of this offering, together with the net proceeds of a previously announced equity offering, to repurchase in full, subject to consultation with its banking regulators and the approval of the U.S. Treasury, all 866,540 shares of its Series CPP Preferred Stock issued to the Treasury in connection with its participation in the Capital Purchase Program and to redeem in full $103 million aggregate principal amount plus accrued and unpaid interest of its 8.07% Junior Subordinated Deferrable Interest Debentures, Series A.
First Horizon expects to close the transaction on or about December 20, 2010, subject to the satisfaction of customary closing conditions.
Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. Incorporated and FTN Financial Securities Corp. are acting as joint book-running managers for the notes offering. Deutsche Bank Securities Inc., RBC Capital Markets LLC and UBS Securities LLC are acting as co-managers for the notes offering.
The offering will be made under First Horizon's shelf registration statement filed with the Securities and Exchange Commission.
This press release is neither an offer to sell nor a solicitation of an offer to buy Senior Notes. The offering of these securities will be made only by means of a Prospectus and a related Prospectus Supplement. Copies of the Prospectus Supplement and Prospectus, when available, may be obtained from Goldman, Sachs & Co., Attn: Prospectus Dept., 200 West St., New York, NY 10282, fax (212) 902-9316, e-mail firstname.lastname@example.org, or from J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attn.: Investment Grade Syndicate Desk or by calling (212) 834-4533, or from Morgan Stanley & Co. Incorporated, Attn.: Prospectus Dept.,
180 Varick St., New York, NY 10014, e-mail email@example.com or by calling toll-free (866)718-1649, or FTN Financial Securities Corp., Attn: Operations Dept., 845 Crossover Lane, Memphis, TN 38117 or by calling toll-free (800) 456-5460.
About First Horizon
The 5,400 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 180 bank locations in and around Tennessee and 18 FTN Financial Group offices in the U.S. and abroad. First Tennessee has the leading combined market deposit share in the counties where it does business and one of the highest customer retention rates of any bank in the country. FTN Financial is an industry leader in fixed income sales, trading and strategies for institutional clients in the U.S. and abroad. FHN has been recognized as one of the nation's best employers by AARP and Working Mother magazines.
This news release contains various forward-looking statements. A discussion of various factors that could cause First Horizon's actual results to differ materially from those expressed in such forward-looking statements is included in First Horizon's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2009, and Quarterly Reports on Form 10-Q for the periods ended March 31, 2010, June 30, 2010, and September 30, 2010.
CONTACT: First Horizon National Corporation
Source: First Horizon National Corporation
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