Banker First Horizon Corporation (FHN) has priced the previously announced preferred stock issue.
The issue prices at 4.70%–about where expected given the recent offering from other bankers.
The issue 2 notches below investment grade.
The issue trades immediately under OTC grey market ticker FHNNP.
The pricing term sheet is here.
4 thoughts on “First Horizon Prices New Preferred Issue”
Did a nice one day flip on this one. Taking the wife out for a great dinner tonight!
FHNNP traded $24.70 lows! Any thoughts on why so much lower than $25 for not too shabby, a 4.7% coupon? Is it the two notches below Ba2 ratings or the fact that it is a perpetual?
Did buy some, aiming for a flip in $25s.
It is trading on schwab already. Price is around 24.88 at the moment.
Trading on Fidelity for the same $24.88 today as well.