Alston & Bird client Synovus Financial Corp., a full-service financial company, has closed an underwritten public offering of $300 million of 5.90% fixed-to-fixed rate subordinated notes due 2029.
Synovus intends to use the net proceeds from the offering for general corporate purposes, including share repurchases.
J.P. Morgan Securities LLC acted as sole active bookrunner, Morgan Stanley & Co. LLC as passive bookrunner, and Barclays Capital Inc. and Sandler O’Neill + Partners L.P. as co-managers of the offering.
Based in Columbus, GA, Synovus has approximately $45 billion in assets and provides commercial and retail banking, investment, and mortgage services through 300 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee.
Advising Synovus is an Alston & Bird team led by partner Mark Kanaly (Financial Services & Products), partner Kyle Healy and associate Matt Strumph (Corporate & Business Transactions), and partner Richard Grice (Finance).