Synovus begins tender offer for up to $150 million notes due 2029

By Marisa Wong

Los Angeles, Nov. 2 – Synovus Financial Corp. has begun a cash tender offer to purchase up to $150 million of its $286,364,000 outstanding 5.9% fixed-to-fixed rate subordinated notes due Feb. 7, 2029 (Cusip: 87161CAM7), according to a press release.

The company is offering a total consideration of $935 per $1,000 principal amount, which includes an early tender payment of $30 per $1,000 of notes tendered by the early tender time.

Holders tendering after the early deadline will only be eligible to receive the tender offer consideration of $905 per $1,000 principal amount.

The company will also pay accrued interest.

The early tender time is 5 p.m. ET on Nov. 15, which is also the withdrawal deadline.

Early settlement is expected to be on Nov. 17.

The tender offer will expire at 5 p.m. ET on Dec. 1.

Tenders may be subject to proration.

Synovus said it may increase or decrease the maximum tender amount.

Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) is dealer manager for the tender offer.

D.F. King & Co., Inc. (212 269-5550 banks and brokers or 800 967-7635; synovus@dfking.com) is the tender agent and information agent.

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

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