Synovus Bank Issues $500 Million Subordinated Notes Due 2036

Reuters12-10
Synovus Bank Issues $500 Million Subordinated Notes Due 2036

Synovus Financial Corporation, through its subsidiary Synovus Bank, has issued $500 million in 5.957% Fixed-to-Fixed Rate Subordinated Bank Notes due 2036. The notes were sold at par in a private placement, with net proceeds of approximately $496 million after expenses. The subordinated notes will pay a fixed interest rate of 5.957% per annum until January 15, 2031, after which the rate will adjust to the five-year U.S. Treasury Rate plus 2.300% per annum until maturity. The proceeds are intended for general corporate purposes. The notes were issued under an agreement with The Bank of New York Mellon Trust Company, N.A., acting as agent.

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