Sep. 23, 2009 (Business Wire) -- Synovus Financial Corp. (NYSE: SNV) (the “Company”) announced today that on September 22, 2009, it completed the previously announced $600 million underwritten public offering of 150,000,000 shares of the Company’s common stock at a public offering price of $4.00 per share. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $570.5 million.
“We believe the market’s response to our public offering demonstrates its confidence in the future of Synovus as we seek to emerge stronger from this tough economic cycle,” said Richard Anthony, Synovus Chairman, CEO and President. “The results of this first step of our previously announced capital plan exceeded our expectations. Access to additional capital strengthens our capital ratios, better positions us to manage through this cycle and enables us to meet increasing regulatory requirements around desired capital levels. Further, we will be better able to take advantage of potential growth and expansion opportunities as a result of this enhanced capital base.”
The net proceeds from the offering will qualify as tangible common equity and Tier 1 capital and will be used for working capital and general corporate purposes.
J.P. Morgan Securities Inc. served as sole book-running manager of the offering, and Sandler O’Neill + Partners, L.P. and SunTrust Robinson Humphrey, Inc. served as co-managers.
About this Press Release
This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Synovus
Synovus is a financial services holding company with approximately $34 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 30 banks, 330 offices, and 467 ATMs in Georgia, Alabama, South Carolina, Florida and Tennessee. The Company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure unparalleled customer experiences. See Synovus on the Web at www.synovus.com.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended.
