First Horizon Announces Public Offering of Depositary Shares Representing Series F Preferred Stock and Expected Redemption of Series A Preferred Stock

MEMPHIS, Tenn., April 28, 2021 (GLOBE NEWSWIRE) -- First Horizon Corporation FHN ("First Horizon") announced today a public offering of depositary shares, each representing 1/4,000th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series F, $100,000 liquidation preference per share (equivalent to $25 per depositary share). First Horizon may grant the underwriters a 30-day option to purchase additional depositary shares solely to cover over-allotments, if any. First Horizon intends to use the net proceeds of this offering to redeem in full the outstanding shares of its Non-Cumulative Perpetual Preferred Stock, Series A, and related depositary shares FHN; any remainder will be used for general corporate purposes.

Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the depositary shares offering.

The offering will be made under First Horizon's shelf registration statement filed with the Securities and Exchange Commission (the "SEC").

This press release is neither an offer to sell nor a solicitation of an offer to buy depositary shares, nor shall there be any offer or sale of depositary shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering of these securities will be made only by means of a Prospectus and a related Prospectus Supplement. Copies of the Prospectus and Preliminary Prospectus Supplement relating to the depositary shares offering may be obtained free of charge on the SEC's website at www.sec.gov under First Horizon's name or from the joint book-running managers as follows: c/o Morgan Stanley & Co. LLC, 180 Varick Street - New York, New York 10014, Attn: Prospectus Department, by email: prospectus@morganstanley.com or by telephone: (866) 718-1649; c/o BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3^rd Floor, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department, by email: dg.prospectus_requests@bofa.com or by telephone: (toll-free) 1-800-294-1322; c/o J.P. Morgan Securities LLC, 383 Madison Ave, New York, New York 10179, Attn: Investment Grade Syndicate Desk or by telephone: (212) 834-4533; c/o Keefe, Bruyette & Woods, A Stifel Company, 787 Seventh Avenue, 4th Floor, New York, New York 10019, Attn: Capital Markets, or by email: USCapitalMarkets@kbw.com; RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, email: rbcnyfixedincomeprospectus@rbccm.com or telephone: (866) 375-6829; or c/o Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attn: WFS Customer Service, by email: wfscustomerservice@wellsfargo.com or by telephone: (toll-free) 1-800-645-3751.

About First Horizon

First Horizon Corp. FHN, with $84 billion in assets, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the Southeast. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon is recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. bank. More information is available at www.FirstHorizon.com.

Contact:

Investor Relations, Ellen Taylor (901) 523-4450

Media Relations, Beth Ardoin, (337) 278-6868