Synovus holders tender 70% of 4 7/8% notes due 2013 by early deadline

By Susanna Moon

Chicago, Feb. 22 - Synovus Financial Corp. said investors had tendered $145.6 million, or about 70%, of its $206.75 million of 4 7/8% subordinated notes due Feb. 15, 2013 as of the early tender deadline at 5 p.m. ET on Feb. 21.

The company accepted all of the tendered notes and expects settlement to occur on Feb. 22.

As previously noted, the total purchase price is par, including a premium of $30.00, for notes tendered by the early tender deadline.

Holders may continue to tender their notes until 11:59 p.m. ET on March 6, the expiration date. The offer began on Feb. 7.

The purchase price will be $970 per $1,000 of notes tendered after the early date.

The company will also pay accrued interest from the last interest payment date up to but excluding the purchase date.

Tendered notes may no longer be withdrawn.

The tender offer will be financed with the proceeds of a notes offering. Synovus priced an upsized $300 million issue of non-callable 7 7/8% senior notes at 99.339 to yield 8% on Feb. 8.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) is the dealer manager. D.F. King & Co. Inc. (212 269-5550 or 800 967-4617) is the tender agent and information agent.

The financial services holding company is based in Columbus, Ga.

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