Synovus Financial Corp. (NYSE: SNV) (the “Company”) today announced it has priced a public offering of 5.2 million shares of its 7.875% Series C Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock (“Series C Preferred Stock”) at $25 per share.
The offering is expected to generate net proceeds of approximately $125 million. The closing date for the transaction is expected to be July 25, 2013.
As previously announced, the Company intends to use the net proceeds of this offering, the net proceeds from the recently announced $185 million common stock offering, and internally available funds (including a $680 million dividend from its wholly-owned subsidiary, Synovus Bank) to fund the redemption of all 967,870 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury through the Capital Purchase Program established under the Troubled Asset Relief Program, for an aggregate purchase price of $967.87 million.
J.P. Morgan Securities LLC served as sole book-running manager of the offering, and Keefe, Bruyette & Woods, Inc. and Sandler O’Neill + Partners, L.P. served as co-managers.The Company is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933, as amended. The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A copy of the prospectus supplement and accompanying prospectus relating to the offering can be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, (866) 803-9204. Potential investors should first read the prospectus supplement and accompanying prospectus, the registration statement and the other documents that the Company has filed with the Securities and Exchange Commission in connection with the offering. Investors may obtain these documents free of charge by visiting the SEC's website at www.sec.gov. About Synovus Synovus Financial Corp. is a financial services holding company with approximately $27 billion in assets based in Columbus, Georgia. Synovus Financial Corp. provides commercial and retail banking, investment and mortgage services to customers in Georgia, Alabama, South Carolina, Florida and Tennessee.