First Horizon to price $25-par non-cumulative perpetual preferreds

By Rebecca Melvin

Concord, N.H., April 28 – First Horizon Corp. plans to price an offering of $25-par series F non-cumulative perpetual preferred stock, according to a 424B2 filing with the Securities and Exchange Commission on Wednesday.

The preferreds are redeemable on or after July 10, 2026 at par plus declared and unpaid dividends.

Dividends will be payable every Jan. 10, April 10, July 10 and Oct. 10, beginning July 10, 2021.

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 the bookrunners.

The company has applied to list the preferreds on the New York Stock Exchange under the symbol “FHNPrF”.

Proceeds will be used to redeem in full the company’s series A preferred stock with any remainder for general corporate purposes.

The parent company of First Horizon Bank is based in Memphis.

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