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First Horizon National files registration statement related to IBERIABANK deal

Memphis, Tenn.-based First Horizon National Corp. filed a registration statement for securities related to its merger of equals with Lafayette, La.-based IBERIABANK Corp.

The filing covers 259,344,549 common shares with a proposed maximum aggregate offering price of $4.25 billion; 8,000 series B preferred shares with a proposed maximum aggregate offering price of $80 million; 5,750 series C preferred shares with a proposed maximum aggregate offering price of $57.5 million; and 10,000 series D preferred shares with a proposed maximum aggregate offering price of $100 million.

The number of common shares and preferred stock registered is based on the exchange ratios pursuant to the merger agreement. Under the terms of the deal, IBERIABANK shareholders will receive 4.584 First Horizon common shares for each common stock they own. First Horizon shareholders will own 56% of the combined company, and the former holders of IBERIABANK stock will own the remaining 44%.

The transaction is expected to close in the second quarter of 2020.