The Firm represented the underwriters, led by Morgan Stanley & Co. LLC, FHN Financial Securities Corp., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, among others, in connection with a registered offering by First Horizon National Corporation (NYSE: FHN) (“First Horizon”) of $450,000,000 of its 3.55% Senior Notes due 2023 and $350,000,000 of its 4% Senior Notes due 2025. The senior notes offering closed on May 26, 2020.
The Firm also represented the underwriters, led by Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC in connection with a concurrent registered offering by First Horizon of 6,000,000 depositary shares each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series E, for net proceeds, before expenses, of approximately $145.4 million. The preferred stock offering closed on May 28, 2020.
First Horizon intends to use the net proceeds of the offerings for general corporate purposes.
First Horizon provides financial services through First Horizon Bank, First Horizon Advisors and FHN Financial businesses. The company operates approximately 270 bank locations across the Southeast U.S. and 29 FHN Financial offices across the entire U.S. FHN Advisors wealth management group has more than 300 financial professionals and about $4.8 billion in assets under management.
The Simpson Thacher team included Lesley Peng, Patrick McCamy, Claire DiMario and Nicholas Halliburton (Capital Markets); Jon Cantor (Tax); David Rubinsky and Joo Hyun Lee (Executive Compensation and Employee Benefits); Keith Noreika and Noah DeBlasi (Bank Regulatory); and Jennie Getsin (Blue Sky).