First Tennessee Bank National Association, a subsidiary of First Horizon National Corporation, announced Friday the pricing of an offering of $400 million aggregate principal amount of Senior Notes due 2019 at a fixed annual interest rate of 2.95 percent. First Tennessee intends to use the net proceeds of the offering to repay $304 million of notes maturing in January, and for a dividend to First Horizon.
First Tennessee expects to close the transaction on or about Nov. 21, subject to the satisfaction of customary closing conditions.
The Senior Notes will not be registered under federal or state securities laws, and may not be sold in the United States absent registration, except pursuant to an exemption from the registration requirements of federal and state securities laws. The offering will be made only to institutional accredited investors in $250,000 minimum denominations under an exemption from registration.