City National Corp. on Thursday sold $300 million worth of senior notes in a public offering, and will use proceeds to buy back higher interest securities sold last December.

The Los Angeles parent of City National Bank, which priced the offering late Wednesday, said the new notes will be due in September 2020. They will pay 5.25 percent interest semiannually starting in March.

The offering is expected to close on Sept. 13. City National plans to use most of the proceeds to buy back $250 million of securities that would pay a higher 9.62 percent.

The offering was led by J.P. Morgan Securities LLC, with Credit Suisse Securities LLC and UBS Securities LLC serving as co-managers.

Shares closed up 66 cents, or 1.3 percent, to $51.29 on the New York Stock Exchange.