Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 14, 3:25 PM
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Slide #3. First Horizon Corporation — Preferred Stock Offering
First Horizon Corporation (NYSE:FHN)
Price Per Share:
Preferred Stock Offering Details:
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, $100,000 liquidation preference per share (equivalent to $25 per depositary share). First Horizon may grant the underwriters a 30-day option to purchase additional depositary shares solely to cover over-allotments, if any. First Horizon intends to use the net proceeds of this offering to redeem in full the outstanding shares of its Non-Cumulative Perpetual Preferred Stock, Series A, and related depositary shares (NYSE: FHN PRA); any remainder will be used for general corporate purposes.
First Horizon is a bank holding company. Co. provides financial services primarily through its principal subsidiary, First Horizon Bank. Co.'s business segments include: regional banking, which provides financial products and services, including lending and deposit taking, to consumer and commercial clients primarily in the southern United States and other selected markets, as well as investment, wealth management, financial planning, trust and asset management services for consumer clients; and specialty banking, which includes asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance.
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Strong Buy (3.70 out of 4)
(ranked higher than approx. 69% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com