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First Horizon Corp 6.50% Dep Shares Non-Cumulative Prfd Stock, Series E
Ticker Symbol: FHN-E CUSIP: 320517402 Exchange: NYSE
The 6.50% Series E preferred shares were issued on 05/20/2020 and started trading temporarily on the Other OTC market 05/21/2020 under the ticker symbol FHNCL until they start trading on the NYSE. The shares are expected to start trading on the NYSE within 30 days of their issue date under their permanent ticker symbol of FHN-E. For information on securities trading on the Other OTC, see our discussion on this subject on our What Income Investors Should Know page which can be found on our Information menu at the top of any page.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: First Horizon Corp formerly First Horizon National Corp 6.50% Depositary Shares each representing a 1/4000 interest in a share of the Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $25 per Depositary share, redeemable at the issuer's option on or after 10/10/2025 at $25 per Depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.50% per annum ($1.625 per annum or $0.40625 per quarter) will be paid quarterly on 1/10, 4/10, 7/10 & 10/10 to holders of record on the 15th calendar day before the dividend payment date or another date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-28 of the prospectus for further information). This security was rated as Ba2 by Moody’s and Not rated by S&P at the date of its IPO. This security was rated as BB- by Fitch Ratings Co. at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (FHN)
IPO - 5/20/2020 - 6.00 Million Shares @ $25/share.
Link to IPO Prospectus
Previous Ticker Symbol: FHNCL Changed: 6/16/2020
Previous Name: First Horizon National Corp Changed: 11/30/2020
Market Value $150.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 165 Madison Avenue, Memphis, TN 38103 |
Main Phone Number |
901-523-4444 |
Fax Number |
901-523-4614 |
Investor Relations
Aarti Bowman
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901-523-4017
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Toll Free Phone Number |
800-489-4040 |
CEO - D. Bryan Jordan |
CFO - Hope Dmuchowski |
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