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|Synovus Announces Pricing of Common Stock Offering
September 16, 2009 - Synovus Financial Corp. (NYSE: SNV) (the “Company”) today announced it has priced a public offering of 150 million shares of its common stock at $4.00 per share. The underwriters will have a 30-day option to purchase up to an additional 22.5 million shares of the Company’s common stock.
The offering will generate gross proceeds of $600 million, without giving effect to the exercise of the underwriters’ option to purchase additional shares. The closing date for the transaction is expected to be September 22, 2009.
Proceeds from the offering will qualify as tangible common equity and Tier 1 regulatory capital. The Company intends to use the proceeds of this offering for working capital and general corporate purposes.
J.P. Morgan Securities Inc. served as sole book-running manager of the offering, and Sandler O’Neill + Partners, L.P. and SunTrust Robinson Humphrey, Inc. 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 Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus Department, (866) 430-0686. 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.
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.