Synovus gives final results of tender offer for 5.9% notes due 2029

By Marisa Wong

Los Angeles, Dec. 4 – Synovus Financial Corp. announced the final 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).

On Nov. 17, Synovus purchased the $82,382,000 of notes that had been tendered by the early tender time at 5 p.m. ET on Nov. 15. An additional $1,015,000 of notes were tendered after the early tender time and prior to the expiration time at 5 p.m. ET on Dec. 1, according to a Monday press release.

The company has accepted these additional tendered notes for purchase without proration. Final settlement is expected to occur on Dec. 5.

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. The company previously extended the early tender payment to also apply to notes tendered after the early deadline, up to the expiration of the offer.

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.

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.