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Synovus Announces Exchange Ratio for its Exchange Offer
 
 

October 30, 2009 - Synovus Financial Corp. (NYSE: SNV) (the “Company”) today announced that it has determined the final exchange ratios in connection with its previously announced 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 “Notes”).

The tender period for the Exchange Offer is comprised of two parts, an early tender period that expired at 5:00 P.M. (New York City time) on September 28, 2009 (the “Early Tender Period”), and a final tender period that began immediately following the Early Tender Period and expires on the expiration date of the Exchange Offer (the “Final Tender Period”).  In accordance with the terms of the Company’s Offer to Exchange, dated September 14, 2009, and related letter of transmittal (the “Offer Documents”), the Company has determined that the exchange ratio for the Notes tendered in the Early Tender Period is 318.7099 shares of the Company’s common stock for each $1,000 principal amount of Notes accepted by the Company for exchange.  The exchange ratio for the Early Tender Period was determined by dividing $800, the initial exchange value plus the early tender premium, by $2.5101, the average volume-weighted average price (the “VWAP”) of the Company’s common stock during the five-day period ending on and including October 29, 2009 (the “Pricing Period”).  The Company has determined that the exchange ratio for the Final Tender Period is 298.7905 shares of the Company’s common stock for each $1,000 principal amount of Notes accepted by the Company for exchange.  The exchange ratio for the Final Tender Period was determined by dividing $750, the initial exchange value, by $2.5101, the VWAP of the Company’s common stock during the Pricing Period.  

The Exchange Offer will expire at 11:59 P.M. (New York City time) on November 2, 2009, unless extended or earlier terminated by the Company.  Notes that are tendered may be withdrawn at any time prior to this date.  To receive the consideration in the Exchange Offer, holders of Notes must validly tender and not withdraw their Notes prior to this date.  The Company will pay any consideration due under the terms of the Exchange Offer promptly after this date. 

J.P. Morgan Securities Inc. is acting as the Company’s sole financial advisor in connection with the Exchange Offer.  J.P. Morgan Securities Inc. has not been retained to, and will not, solicit acceptances of the Exchange Offer or make any recommendations to holders with respect thereto. The complete terms and conditions of the Exchange Offer are set forth in the Offer Documents that have been sent to holders of the Notes.  Holders of the Notes are urged to read carefully the Offer Documents relating to the Notes they hold.  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.

About Synovus

Synovus is a financial services holding company with approximately $35 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 30 banks, 328 offices, and 463 ATMs in Georgia, Alabama, South Carolina, Florida and Tennessee. The company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure unparalleled customer experiences. See Synovus on the Web at www.synovus.com.

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