Alston & Bird client Synovus Financial Corp., a full-service financial company, has closed its public offering of 14 million shares of 5.875% Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock at $25.00 per share.
The offering, which generated net proceeds of approximately $342 million, will be used by Synovus for general corporate purposes, including share repurchases.
BofA Securities Inc. and J.P. Morgan Securities LLC served as the joint book-running managers of the offering.
This is the latest capital raise by Synovus for which Alston & Bird has served as counsel. In February, the firm advised Synovus in a public notes offering of $300 million.
Based in Columbus, GA, Synovus has approximately $47 billion in assets and provides commercial and retail banking, investment, and mortgage services through 297 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee.
Advising Synovus is an Alston & Bird team led by partner Mark Kanaly, senior associate Rebecca Valentino, and associate James Alexander (Financial Services & Products) and partner Kyle Healy and associate Matt Strumph (Corporate & Business Transactions).