By Wendy Van Sickle
Columbus, Ohio, April 30 – First Horizon Corp. priced $150 million of 4.7% $25-par series F non-cumulative perpetual preferred stock (Ba2//BB-) at par on Thursday, according to an FWP filing with the Securities and Exchange Commission.
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.
| Issuer: | First Horizon Corp.
|
| Issue: | Series F non-cumulative perpetual preferred stock
|
| Amount: | $150 million, or 6 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | 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
|
| Dividend: | 4.7%
|
| Price: | Par
|
| Yield: | 4.7%
|
| Call: | On or after July 10, 2026 at par plus declared and unpaid dividends
|
| Trade date: | April 28
|
| Settlement date: | May 3
|
| Expected ratings: | Moody’s: Ba2
|
| Fitch: BB-
|
| Listing: | NYSE: FHNPrF
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
