<SEC-DOCUMENT>0000930413-20-001483.txt : 20200521
<SEC-HEADER>0000930413-20-001483.hdr.sgml : 20200521
<ACCEPTANCE-DATETIME>20200520184517
ACCESSION NUMBER:		0000930413-20-001483
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200521
DATE AS OF CHANGE:		20200520

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST HORIZON NATIONAL CORP
		CENTRAL INDEX KEY:			0000036966
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				620803242
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-229338
		FILM NUMBER:		20899420

	BUSINESS ADDRESS:	
		STREET 1:		165 MADISON AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9018186232

	MAIL ADDRESS:	
		STREET 1:		165 MADISON AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TENNESSEE NATIONAL CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TENNESSEE BANKS INC
		DATE OF NAME CHANGE:	19600201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST HORIZON NATIONAL CORP
		CENTRAL INDEX KEY:			0000036966
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				620803242
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		165 MADISON AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9018186232

	MAIL ADDRESS:	
		STREET 1:		165 MADISON AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TENNESSEE NATIONAL CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TENNESSEE BANKS INC
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>c95902_fwp.htm
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">Filed Pursuant to Rule&nbsp;433</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">Registration No.&nbsp;333-229338</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">May 20,&nbsp;2020</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">First Horizon National Corporation</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>6,000,000 Depositary Shares </B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Each Representing 1/4,000<SUP>th</SUP> Interest
in a Share of</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Non-Cumulative Perpetual Preferred Stock,
Series E </B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">This term sheet supplements the information set forth under &ldquo;Description
of the Series E Preferred Stock&rdquo; in the preliminary prospectus supplement, dated May 20, 2020 to the prospectus dated January
23, 2019.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 52%; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Issuer:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 46%"><FONT STYLE="font-size: 8pt">First Horizon National Corporation</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Security:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Depositary shares (the &ldquo;Depositary Shares&rdquo;) each representing a 1/4,000<SUP>th</SUP>&nbsp;&nbsp;ownership interest in a share of Non-Cumulative Perpetual Preferred Stock, Series E of the Issuer (the &ldquo;Series E Preferred Stock&rdquo;)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Expected Security Ratings:*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Ba2 (stable) / BB- (stable) (Moody&rsquo;s / Fitch)</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Size:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">$150,000,000 (6,000,000 Depositary Shares)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Over-Allotment Option:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">$22,500,000 (900,000 Depositary Shares)</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Liquidation Preference:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">$25 per Depositary Share (equivalent to $100,000 per share of Series E Preferred Stock)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Term:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Perpetual</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Dividend Rate (Non-Cumulative):</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">6.500% per annum, only when, as and if declared</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Dividend Payment Dates:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Quarterly in arrears on January 10, April 10, July 10 and October 10 of each year, commencing on October 10, 2020</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Day Count:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">30/360</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Trade Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">May 20, 2020</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Settlement Date**:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">May 28, 2020 (T+5)</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Optional Redemption:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">The Issuer may, at its option, redeem the Series E Preferred Stock (i) in whole or in part, from time to time, on any dividend payment date on or after October 10, 2025, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital event (as defined in the preliminary prospectus supplement dated May 20, 2020), at a redemption price equal to $100,000 per share of Series A Preferred Stock (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Listing:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 8pt">Application will be made to list the Depositary Shares on the New York Stock Exchange under the symbol &ldquo;FHN PrE&rdquo;. If the application is approved, trading of the Depositary Shares on the New York Stock Exchange is expected to commence within a 30-day period after the initial delivery of the Depositary Shares.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Public Offering Price:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">$25.00 per Depositary Share</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Underwriting Discounts and Commissions:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">$0.7689375 per Depositary Share<SUP>1</SUP></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Net Proceeds (before expenses) to Issuer:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">$145,386,375</FONT></TD></TR>
</TABLE>

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<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt; width: 52%"><FONT STYLE="font-size: 8pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Morgan Stanley &amp; Co. LLC</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">BofA Securities, Inc.</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">UBS Securities LLC</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Wells Fargo Securities, LLC</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">CUSIP/ISIN for the Depositary Shares:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">320517402 / US3205174028</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 8pt">Concurrent Offering:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Concurrently with the offering of the Depositary Shares we are offering $800 aggregate principal amount of senior notes. The offering of the Depositary Shares is not conditioned on the offering of senior notes or vice versa.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9.9pt 0 0">* A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9.9pt 0 0">**The issuer expects that delivery of the Depositary Shares
will be made against payment therefor on or about the fifth business day following the date of pricing of the Depositary Shares
(this settlement cycle being referred to as &ldquo;T+5&rdquo;). Accordingly, purchasers who wish to trade the Depositary Shares
on the date of pricing or the next two succeeding business days will be required, by virtue of the fact that the Depositary Shares
initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement.
Purchasers of the Depositary Shares who wish to trade their Depositary Shares on the date of pricing or the next two succeeding
business days should consult their own advisors.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"><SUP>1 </SUP>Reflects 270,000 Depositary Shares sold to institutional
investors, for which the underwriters received an underwriting discount of $0.3750 per Depositary Share, and 5,730,000 Depositary
Shares sold to retail investors, for which the underwriters received an underwriting discount of $0.7875 per Depositary Share.</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 9.9pt 0 0">The Depositary Shares are not deposits or obligations
of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or by any other government agency or instrumentality.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"><B>First Horizon National Corporation has filed a registration
statement (including a prospectus and preliminary prospectus supplement) with the SEC for the offering to which this communication
relates. Before you invest, you should read each of these documents and the other documents First Horizon National Corporation
has filed with the SEC and incorporated by reference in such documents for more complete information about First Horizon National
Corporation and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
you may obtain a copy of these documents by calling Morgan Stanley &amp; Co. LLC toll free at 866-718-1649, BofA Securities, Inc.
toll free at 1-800-294-1322, UBS Securities LLC toll free at 1-888-827-7275 or Wells Fargo Securities, LLC toll free at 1-800-645-3751.</B></P>

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