PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, May 23, 10:26 PM
| This Slide: #523 of 643 |
Slide #523. 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 Corp. is a financial service and bank holding company. It conducts its banking operations through Synovus Bank (the Bank). The Bank operates primarily throughout Alabama, Florida, Georgia, South Carolina, and Tennessee. Co.'s segments include Wholesale Banking, Community Banking, Consumer Banking, Financial Management Services and Treasury and Corporate Other. Its commercial banking services include commercial, financial, and real estate lending, treasury management, asset management, capital markets services, and institutional trust services.
Preferreds: SNV.PRT, SNV.PRC, SNV.PRD, SNV.PRE
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Avg. Broker Rec.
 
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Buy (3.11 out of 4) 37th percentile
(ranked lower than approx. 63% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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