PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 1, 4:13 PM
| This Slide: #489 of 609 |
Slide #489. Synovus Financial Corp. — Preferred Stock Offering
Company:
Synovus Financial Corp. (NYSE:SNV)
Date announced:
7/22/2013
Shares Offered:
5,200,000
Date of Pricing:
7/23/2013
Price Per Share:
$25
Preferred Stock Offering Details:
Synovus Financial Corp. (NYSE:SNV) today announced the commencement of an underwritten public offering of $130 million of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C. Synovus intends to use the net proceeds from the offering together with the proceeds of its recently announced $185 million common stock offering and internally available funds (including a $680 million dividend from its wholly owned subsidiary, Synovus Bank) to fund the redemption of all 967,870 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury through the Capital Purchase Program established under the Troubled Asset Relief Program ("TARP"), for an aggregate purchase price of $967.87 million. --updated 7/23 - Synovus Financial Corp. (NYSE:SNV) (the "Company") today announced it has priced a public offering of 5.2 million shares of its 7.875% Series C Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock ("Series C Preferred Stock") at $25 per share.
Synovus Financial is a financial services company and a bank holding company. Through its subsidiary bank, Synovus Bank, Co. provides commercial and consumer services. Co.'s commercial banking services include treasury management, asset management, capital markets services, institutional trust services and commercial, financial and real estate loans. Co.'s consumer banking services include accepting customary types of demand and savings deposits accounts; mortgage, installment and other consumer loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet-based banking services; and bank credit and debit card services.
Preferreds: SNV.PRT, SNV.PRC, SNV.PRD, SNV.PRE
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Avg. Broker Rec.
 
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Buy (3.33 out of 4) 50th percentile
(ranked higher than approx. 50% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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