Synovus accepts $82.38 million early tendered 5.9% notes due 2029

By Marisa Wong

Los Angeles, Nov. 16 – Synovus Financial Corp. announced the early results of its Nov. 2 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).

As of the early tender time at 5 p.m. ET on Nov. 15, holders had tendered $82,382,000 of the notes, according to a Thursday press release.

The company will accept all of the early tendered notes without proration. Early settlement will occur on Nov. 17.

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.

The company announced on Thursday that it is extending the early tender payment to apply to notes tendered after the early deadline, up to the expiration of the offer at 5 p.m. ET on Dec. 1.

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

The company will also pay accrued interest.

Tenders may no longer be withdrawn as of the early tender time.

Tenders may be subject to proration.

Synovus said it may increase the maximum tender amount but is not obligated to do so.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.