First Horizon National Corp. Announces Pricing of $250 Million Public Offering of Common Stock

/ Source: GlobeNewswire

MEMPHIS, Tenn., Dec. 14, 2010 (GLOBE NEWSWIRE) -- First Horizon National Corporation (NYSE:FHN) announced today the pricing of an underwritten public offering of 23,809,523 shares of its common stock at a price of $10.50 per share, for gross proceeds of $250 million. First Horizon has also granted the underwriters a 30-day option to purchase up to an additional 3,571,428 shares of common stock at the offering price.

First Horizon intends to use the net proceeds of this offering, together with the net proceeds of a planned debt offering, to repurchase in full, subject to consultation with its banking regulators and the approval of the U.S. Treasury, all 866,540 shares of its Series CPP Preferred Stock issued to the Treasury in connection with its participation in the Capital Purchase Program, and to redeem in full $103 million aggregate principal amount plus accrued and unpaid interest of its 8.07% Junior Subordinated Deferrable Interest Debentures, Series A.

First Horizon expects to close the transaction on or about Dec. 17, 2010, subject to the satisfaction of customary closing conditions.

Goldman, Sachs & Co., J.P. Morgan Securities LLC, and Morgan Stanley & Co. Incorporated are acting as joint book-running managers for the stock offering. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., and UBS Securities LLC are acting as co-managers for the stock offering.

The offering will be made under First Horizon's shelf registration statement filed with the Securities and Exchange Commission.

This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of these securities will be made only by means of a Prospectus and a related Prospectus Supplement. Copies of the Prospectus and Prospectus Supplement may be obtained from Goldman, Sachs & Co., Attn.: Prospectus Dept., 200 West St., New York, NY 10282, fax (212) 902-9316, e-mail, or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, Attn.: Prospectus Dept., or by calling toll-free (866) 803-9204, or from Morgan Stanley & Co. Incorporated, Attn.: Prospectus Dept., 180 Varick St., New York, NY 10014, e-mail or by calling toll-free (866) 718-1649.

About First Horizon

The 5,400 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 180 bank locations in and around Tennessee and 18 FTN Financial Group offices in the U.S. and abroad. First Tennessee has the leading combined market deposit share in the counties where it does business and one of the highest customer retention rates of any bank in the country. FTN Financial is an industry leader in fixed income sales, trading and strategies for institutional clients in the U.S. and abroad. FHN has been recognized as one of the nation's best employers by AARP and Working Mother magazines.

Forward-Looking Statements

This news release contains various forward-looking statements. A discussion of various factors that could cause First Horizon's actual results to differ materially from those expressed in such forward-looking statements is included in First Horizon's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2009, and Quarterly Reports on Form 10-Q for the periods ended March 31, 2010, June 30, 2010, and Sept. 30, 2010.


CONTACT: First Horizon National Corporation Kim Cherry, Media Relations (901)523-4380 Anthony Hicks, Media Relations (901)523-4726