Synovus Announces Pricing of Series E Preferred Stock Offering
Staff Report From Columbus CEO
Thursday, June 27th, 2019
Synovus Financial Corp. announced it has priced a public offering of 14 million shares of its 5.875% Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (“Series E Preferred Stock”) at $25.00 per share.
The offering is expected to generate net proceeds of approximately $342.0 million. The closing date for the transaction is expected to be July 1, 2019.
As previously announced, Synovus intends to use the net proceeds from the offering for general corporate purposes, including share repurchases.
BofA Securities, Inc. and J.P. Morgan Securities LLC are serving as the joint book-running managers of the offering.
