First Horizon National in Memphis, Tenn., is looking to raise $400 million by issuing debt.

The $24 billion-asset company said in a press release Friday that the senior notes, due in 2019, will carry an annual interest rate of 2.95%.

First Horizon intends to use the proceeds to repay $304 million in debt set to mature in January. It also plans to use some of the funds to pay dividends.

The company has 175 branches in states such as Tennessee, Mississippi, Georgia and North Carolina.

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