Synovus to redeem $300 million 7 7/8% notes due 2019 on Nov. 9

By Wendy Van Sickle

Columbus, Ohio, Sept. 26 – Synovus Financial Corp. called its $300 million of outstanding 7 7/8% senior notes due 2019 for redemption on Nov. 9, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price will equal the sum of the present values of the remaining scheduled payments of principal and interest on the notes from the redemption date through the scheduled maturity date, discounted to the date of redemption on a semiannual basis at a Treasury rate to determined prior to the redemption date, plus 50 basis points, plus accrued interest to the redemption date.

The redemption is expected to be funded with cash on hand, including proceeds from the closing of the transactions contemplated by the previously announced framework agreement, dated April 17, among Synovus’ wholly owned subsidiary, Synovus Bank, Cabela’s Inc., World’s Foremost Bank, Capital One Bank (USA) and Capital One, and one or more debt financings.

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

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