First Horizon Announces Public Offering of Depositary Shares Representing Series F Preferred Stock and Expected Redemption of Series A Preferred Stock
First Horizon Corporation (NYSE: FHN) has announced a public offering of depositary shares, representing 1/4,000th interest in its Non-Cumulative Perpetual Preferred Stock, Series F, with a liquidation preference of $100,000 per share. The offering aims to use net proceeds to fully redeem Series A preferred stock and for general corporate purposes. Joint book-running managers include Morgan Stanley, BofA Securities, J.P. Morgan, and others. The offering will be conducted under First Horizon's SEC shelf registration, with documents available on the SEC's website.
- The offering aims to redeem outstanding Series A preferred stock, strengthening the capital structure.
- Funds from the offering will be used for general corporate purposes, potentially enhancing growth opportunities.
- Issuing new depositary shares may lead to shareholder dilution.
MEMPHIS, Tenn., April 28, 2021 (GLOBE NEWSWIRE) -- First Horizon Corporation (NYSE: FHN) (“First Horizon”) announced today a public offering of depositary shares, each representing 1/4,000th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series F,
Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the depositary shares offering.
The offering will be made under First Horizon’s shelf registration statement filed with the Securities and Exchange Commission (the “SEC”).
This press release is neither an offer to sell nor a solicitation of an offer to buy depositary shares, nor shall there be any offer or sale of depositary shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering of these securities will be made only by means of a Prospectus and a related Prospectus Supplement. Copies of the Prospectus and Preliminary Prospectus Supplement relating to the depositary shares offering may be obtained free of charge on the SEC’s website at www.sec.gov under First Horizon’s name or from the joint book-running managers as follows: c/o Morgan Stanley & Co. LLC, 180 Varick Street - New York, New York 10014, Attn: Prospectus Department, by email: prospectus@morganstanley.com or by telephone: (866) 718-1649; c/o BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department, by email: dg.prospectus_requests@bofa.com or by telephone: (toll-free) 1-800-294-1322; c/o J.P. Morgan Securities LLC, 383 Madison Ave, New York, New York 10179, Attn: Investment Grade Syndicate Desk or by telephone: (212) 834-4533; c/o Keefe, Bruyette & Woods, A Stifel Company, 787 Seventh Avenue, 4th Floor, New York, New York 10019, Attn: Capital Markets, or by email: USCapitalMarkets@kbw.com; RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, email: rbcnyfixedincomeprospectus@rbccm.com or telephone: (866) 375-6829; or c/o Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attn: WFS Customer Service, by email: wfscustomerservice@wellsfargo.com or by telephone: (toll-free) 1-800-645-3751.
About First Horizon
First Horizon Corp. (NYSE: FHN), with
Contact:
Investor Relations, Ellen Taylor (901) 523-4450
Media Relations, Beth Ardoin, (337) 278-6868
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