Synovus Announces Pricing of Series C Preferred Stock Offering
July 22, 2013 - Synovus Financial Corp. (NYSE: SNV) (the “Company”) today announced it has priced a public offering of 5.2 million shares of its 7.875% Series C Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock (“Series C Preferred Stock”) at $25 per share.
The offering is expected to generate net proceeds of approximately $125 million. The closing date for the transaction is expected to be July 25, 2013.
As previously announced, the Company intends to use the net proceeds of this offering, the net proceeds from the recently announced $185 million common stock offering, and internally available funds (including a $680 million dividend from its wholly-owned subsidiary, Synovus Bank) to fund the redemption of all 967,870 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury through the Capital Purchase Program established under the Troubled Asset Relief Program, for an aggregate purchase price of $967.87 million.
J.P. Morgan Securities LLC served as sole book-running manager of the offering, and Keefe, Bruyette & Woods, Inc. and Sandler O’Neill + Partners, L.P. 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 LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, (866) 803-9204. 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 Financial Corp. is a financial services holding company with approximately $27 billion in assets based in Columbus, Georgia. Synovus Financial Corp. provides commercial and retail banking, investment and mortgage services to customers in Georgia, Alabama, South Carolina, Florida and Tennessee.
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “intends,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the commercial banking industry and economy in general. These forward-looking statements include, among others, those statements regarding the TARP redemption and the offerings. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, including, among others, market conditions affecting the offerings, which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this report. Many of these factors are beyond Synovus’ ability to control or predict.
These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012 under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.