Synovus Financial Corp. announced on October 29, 2024, the pricing of its underwritten public offering of $500 million of fixed rate / floating rate senior notes due 2030. The offering is expected to close on November 1, 2024, subject to customary closing conditions.
The Notes will bear interest at a fixed rate of 6.168% per annum from November 1, 2024, to November 1, 2029. Subsequently, from November 1, 2029, to November 1, 2030, the interest rate will be based on SOFR plus 2.347%.
Synovus intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment of existing debt. This issuance provides the company with additional capital flexibility.
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