Synovus tenders for $100 million 5.125% subordinated notes due 2017

By Susanna Moon

Chicago, Dec. 23 – Synovus Financial Corp. said it began a cash tender offer for up to $100 million principal amount of its $403.3 million outstanding 5.125% subordinated notes due June 15, 2017.

The tender offer will end at 11:59 p.m. ET on Jan. 22.

The total purchase price will be $1,042.50 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Jan. 7, the early tender date.

The total amount includes an early tender payment of $30.00 per $1,000 principal amount.

Holders who tender their notes after the early deadline will receive $1,012.50 per $1,000 of notes, or the total payment less the early premium.

The company also will pay accrued interest to but excluding the payment date.

Tendered notes may be withdrawn before the early deadline.

If the offer is oversubscribed, the notes will be purchased on a prorated basis.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-2494) is the dealer manager. D.F. King & Co., Inc. (Krystal Scrudato, 212 269-5550, 877 361-7971 or synovus@dfking.com) is the tender agent and information agent.

Synovus is a financial services company based in Columbus, Ga.

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