Synovus Announces Commencement of $150 Million Preferred Stock Public Offering
June 12 2018 - 9:46AM
Business Wire
Synovus Financial Corp. (NYSE: SNV) today announced the
commencement of an underwritten public offering of $150 million of
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock,
Series D (the “Series D Preferred Stock”). Synovus intends to use
the net proceeds of the offering of Series D Preferred Stock to
fund the redemption of all of its outstanding shares of
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock,
Series C (the “Series C Preferred Stock”), and any remaining net
proceeds for other general corporate purposes.
Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner
& Smith Incorporated are acting as joint book-running managers
of the offering. J.P. Morgan Securities LLC is acting as joint lead
manager, and Synovus Securities, Inc. and Sandler O’Neill &
Partners, L.P. are acting as co-managers of the offering.
Synovus is conducting the offering pursuant to its automatic
shelf registration statement on Form S-3 filed with the U.S.
Securities and Exchange Commission (the “SEC”) on August 4, 2016.
Before making an investment, potential investors should first read
the prospectus supplement and accompanying prospectus, the
automatic shelf registration statement on Form S-3 and the other
documents that Synovus has filed with the SEC in connection with
the offering. A copy of the preliminary prospectus supplement and
accompanying prospectus can be obtained by contacting (i)
Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, telephone: (800) 831-9146, (ii) Merrill
Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200
North College Street, 3rd Floor, Charlotte, NC 28255-0001, attn:
Prospectus Department, telephone: (800) 294-1322, email:
dg.prospectus_requests@baml.com, or (iii) J.P. Morgan Securities
LLC, 383 Madison Ave, New York, NY 10179, attn: Investment Grade
Syndicate Desk, telephone: (212) 834‐4533. Investors may also
obtain these documents free of charge by visiting the SEC’s website
of at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Synovus
Synovus Financial Corp. is a financial services company and a
registered bank holding company headquartered in Columbus, Georgia.
Through its wholly-owned subsidiary, Synovus Bank, a Georgia
state-chartered bank that is a member of the Federal Reserve
System, Synovus provides commercial and retail banking in addition
to a full suite of specialized products and services including
private banking, treasury management, wealth management, premium
finance and international banking. Synovus also provides mortgage
services, financial planning, and investment advisory services
through its wholly-owned subsidiaries, Synovus Mortgage, Synovus
Trust, and Synovus Securities, as well as its Global One, GLOBALT
and Creative Financial Group divisions.
Cautionary Statement Regarding Forward-Looking
Information
This press release and certain of Synovus’ other filings with
the U.S. 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,” “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 banking industry and economy in
general. These forward-looking statements include, among others,
statements regarding the offering of Series D Preferred Stock and
redemption of Series C Preferred Stock. 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 offering of Series D Preferred Stock, 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 press release. 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 the prospectus supplement and
accompanying prospectus, the automatic shelf registration statement
on Form S-3, Synovus’ Annual Report on Form 10-K for the year ended
December 31, 2017, 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.
Synovus believes 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. Synovus does 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.
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Synovus Financial
Corp.Media contact:Lee Underwood,
706-644-0528Media RelationsorInvestor contact:Steve Adams,
706-641-6462Investor Relations
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