Synovus Financial Corp. today announced the pricing of its previously announced public offering of $250 million of fixed-to-floating rate subordinated notes due 2025. The notes have an initial fixed interest rate of 5.75%, payable semi-annually, and a ten-year term. Commencing December 15, 2020, the interest rate on the notes resets quarterly to an annual interest rate equal to the then-current three-month LIBOR plus 418.2 basis points, payable quarterly in arrears. Synovus intends to use the net proceeds from this offering for general corporate purposes, which may include, but are not limited to, potential strategic acquisitions, share repurchases and repayment of debt at or prior to its maturity, including repurchases of our 5.125% subordinated notes due 2017 through open market or privately negotiated repurchases or other available methods. The offering is expected to close on December 7, 2015, subject to customary closing conditions.

Sandler O’Neill + Partners, L.P. serves as the sole manager of the subordinated notes offering.