First Horizon National Corporation (NYSE: FHN) has filed concurrent, underwritten public offerings of securities for combined proceeds to the company of approximately $738 million, such proceeds to be used with other funds to repurchase in full the Fixed Rate Cumulative Perpetual Preferred Stock issued to the U.S. Treasury under the Troubled Asset Relief Program Capital Purchase Program (TARP CPP) in November 2008.
Both offers are takedowns from the shelf registration on Form S-3ASR initially filed by FHN on 4/25/08 (SEC file no. 333-150448). The equity offering of 23.8 million common shares at $10.50 per share was filed December 15 and the prospectus for $500 million of 5.375% senior notes was filed Dec. 17, both on Form 424B5. Goldman Sachs, J.P. Morgan and Morgan Stanley are joint book-running managers for both deals.
Huntington Bancshares Inc. (NasdaqGS: HBAN) issued $1.398 billion of Fixed Rate Cumulative Perpetual Preferred Stock to the Treasury Department in November 2008 as part of the TARP CPP (see Form 8-K filed 11/14/08, file no. 1-34073). To fund the repurchase, HBAN has filed concurrent offers on Form 424B2 for common stock and $300 of 7% subordinated notes (December 15 and 16, respectively). If the repurchase is completed, HBAN may seek to repurchase the common stock warrant it had issued to the U.S. Treasury.
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