Synovus Financial Corp’s $350 Million Preferred Stock Offering

Simpson Thacher represented the underwriters, led by BofA Securities, Inc., in connection with the offering by Synovus Financial Corp.

Synovus Financial Corp. offered 14,000,000 shares of its 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, representing $350 million in aggregate liquidation preference. The Series E Preferred Stock is expected to trade on the New York Stock Exchange under the symbol “SNVPrE.”

The net proceeds of the offering will be used for general corporate purposes, including share repurchases.

Synovus Financial Corp. is a financial services company and registered bank holding company that through its wholly owned subsidiary, Synovus Bank, provides commercial and retail banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, premium finance and international banking.

BofA Securities, J.P. Morgan Securities LLC, Sandler O’Neill & Partners, L.P. and Synovus Securities, Inc. acted as underwriters on the deal.

Alston & Bird LLP advised Synovus on the transaction.

The Simpson Thacher team included Lee Meyerson (Picture), Lesley Peng, Hui Lin and Sean Dougherty (Corporate); Jonathan Cantor and Abigail Hopper (Tax); Nathan Utterback (ECEB); Adam Cohen and Spencer Sloan (Bank Regulatory); and Jennie Getsin (Blue Sky).

Involved fees earner: Sean Dougherty – Shearman & Sterling; Jonathan Cantor – Simpson Thacher & Bartlett; Adam Cohen – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Abigail Hopper – Simpson Thacher & Bartlett; Hui Lin – Simpson Thacher & Bartlett; Lee Meyerson – Simpson Thacher & Bartlett; Lesley Peng – Simpson Thacher & Bartlett; Spencer Sloan – Simpson Thacher & Bartlett; Nathan Utterback – Simpson Thacher & Bartlett;

Law Firms: Shearman & Sterling; Simpson Thacher & Bartlett;

Clients: Bank of America Securities; J.P. Morgan Securities LLC; Sandler O’Neill & Partners, L.P.; Synovus Securities, Inc.;

Author: Ambrogio Visconti