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Synovus Announces Exchange Offer
 
 

September 14, 2009 - Synovus Financial Corp. (NYSE: SNV) (the “Company”) today announced an offer to exchange (the “Exchange Offer”) up to 50 million newly issued shares of the Company’s common stock for any and all of its outstanding 4.875% Subordinated Notes Due 2013 (the “2013 Notes”).

Under the terms of the Exchange Offer, the Company will issue a number of shares of common stock having a value equal to $750 for each $1,000 principal amount of 2013 Notes validly tendered and accepted for exchange.  The Company also will issue to note holders who validly tender their 2013 Notes at or before 5:00 P.M. (New York City time) on September 28, 2009 an additional number of shares of common stock having a value equal to $50 for each $1,000 principal amount of 2013 Notes that are accepted for exchange.  The “Relevant Price” for determining the number of shares to be issued in exchange for 2013 Notes that are validly tendered and accepted will be equal to the average volume weighted average price of the Company’s common stock for each of the five consecutive trading days ending on and including October 29, 2009.  The maximum number of shares of common stock that will be issued in the Exchange Offer is 50 million.  The Exchange Offer will expire at 11:59 P.M. (New York City time) on November 2, 2009 unless it is earlier terminated or extended by the Company.

The Exchange Offer will be effected pursuant to an Offer to Exchange and related letter of transmittal (the “Offer Documents”) under an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 3(a)(9) of the Securities Act.  The Exchange Offer is being made exclusively to holders of 2013 Notes.  Copies of the Offer Documents may be obtained upon request by contacting the information agent for the Exchange Offer, Global Bondholder Services Corporation, 65 Broadway, Suite 723, New York, New York 10006, Attn:  Corporate Actions (866) 540-1500.  Neither Global Bondholder Services Corporation nor any other person has been retained by the Company to solicit acceptances, convey offers or make any recommendations to note holders with respect to the Exchange Offer.

The Company has retained J.P. Morgan Securities Inc. (“J.P. Morgan”) as its exclusive financial advisor in connection with the Exchange Offer.  The Company is paying J.P. Morgan customary fees for its services and has agreed to indemnify it for certain liabilities.  J.P. Morgan’s compensation is in no way contingent on the results or the success of the Exchange Offer.  J.P. Morgan has not been retained to, and will not, solicit acceptances, convey offers or make any recommendations to note holders with respect to the Exchange Offer.

About Synovus

Synovus is a financial services holding company with approximately $34 billion in assets based in Columbus, Georgia.  Synovus provides commercial and retail banking, as well as investment services, to customers through 30 banks, 330 offices, and 467 ATMs in Georgia, Alabama, South Carolina, Florida and Tennessee.  The Company focuses on its unique decentralized customer delivery model, position in attractive Southeast markets and commitment to being a great place to work to ensure unparalleled customer experiences. See Synovus on the Internet at www.synovus.com.

 
Contact
Patrick A. Reynolds
Title: Director of Investor Relations
Phone: (706) 649-4973