Synovus to redeem series C preferreds via offering of new preferreds

New York, June 12 – Synovus Financial Corp. plans to redeem all of its outstanding series C fixed-to-floating rate non-cumulative perpetual preferred stock using proceeds from the sale of new series D preferreds, according to a 424B2 filing with the Securities and Exchange Commission.

The $130 million of series C preferreds become callable on Aug. 1 at their liquidation preference of $25.00 per share plus accrued dividends.

Currently the series C preferreds are paying a dividend of 7.875%. On Aug. 1 that will switch to a floating rate of Libor plus 639 basis points.

Any remaining proceeds will be used for general corporate purposes.

The issuer announced on Tuesday morning that it will sell series D fixed-to-floating rate non-cumulative perpetual preferred stock.

Synovus is a Columbus, Ga., bank holding company.

© 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.