Synovus Announces Pricing of Subordinated Notes Offering

Staff Report From Columbus CEO

Friday, February 1st, 2019

Synovus Financial Corp. announced the pricing of its underwritten public offering of $300 million of 5.90% fixed-to-fixed rate subordinated notes due 2029 (the “Notes”). The Notes have an initial fixed interest rate of 5.90%, payable semi-annually, and a ten-year term. Commencing February 7, 2024, the interest rate on the Notes resets to an annual interest rate equal to 3.379% above the then-current 5-year semi-annual mid-swap rate.

The net proceeds to Synovus from the offering are expected to be approximately $297.0 million. Synovus intends to use the net proceeds from this offering for general corporate purposes, including share repurchases.

Synovus expects to close the transaction, subject to customary conditions, on February 7, 2019.

J.P. Morgan Securities LLC is acting as sole active bookrunner, Morgan Stanley & Co. LLC is acting as passive bookrunner, and Barclays Capital Inc. and Sandler O’Neill + Partners, L.P. are acting as co-managers of the offering.