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Synovus Financial Corp. - Tender Offer - Early Results and Extension

Synovus announces early tender results in connection with previously announced tender offer and extends early tender payment to apply through expiration time - 87161CAM7

16 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Businesswire: Source: Synovus 



"COLUMBUS, Ga.--(BUSINESS WIRE)--Synovus Financial Corp. (NYSE: SNV) announced today the results as of 5 p.m., New York City time, on Nov. 15, 2023 (the “Early Tender Time”), of its previously announced cash tender offer (the “Tender Offer”) to purchase up to $150 million in aggregate principal amount (as such amount may be increased or decreased by Synovus pursuant to the terms of the Tender Offer, the “Maximum Tender Amount”) of its outstanding 5.900% Fixed-to-Fixed Rate Subordinated Notes due Feb. 7, 2029 (the “2029 notes”).


As of the Early Tender Time, $82,382,000 aggregate principal amount of the 2029 notes had been validly tendered and not validly withdrawn. These 2029 notes are being accepted by the Company without proration. Holders of 2029 notes validly tendered at or prior to the Early Tender Time, not validly withdrawn and accepted for purchase in accordance with the terms of the Tender Offer will receive on Nov. 17, 2023 (the “Early Settlement Date”), for each $1,000 principal amount of such 2029 notes, the “Total Consideration” of $935, which includes an “Early Tender Payment” of $30. In addition to the Total Consideration, such holders will also receive, in respect of such 2029 notes, accrued and unpaid interest from the last interest payment date to, but not including, the Early Settlement Date.


Additionally, the Company announced today that the Early Tender Payment of $30 shall be extended and will apply to 2029 notes validly tendered from the date hereof to at or before the Expiration Time (as defined below). The terms and conditions of the Tender Offer, including the withdrawal deadline, which was 5 p.m., New York City time, on Nov. 15, 2023, otherwise remain unchanged and are set forth in an Offer to Purchase (the “Offer to Purchase”), dated Nov. 2, 2023. Accordingly, tendered 2029 notes may no longer be withdrawn.


The Tender Offer will expire at 5 p.m., New York City time, on Dec. 1, 2023 (the “Expiration Time”), unless extended or earlier terminated. Holders of 2029 notes validly tendered after the Early Tender Time and at or before the Expiration Time will be eligible to receive $935 for each $1,000 principal amount of such 2029 notes. Following this announcement, such amount shall also be referred to as the “Tender Offer Consideration.”"


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Synovus announces offer to purchase up to $150 million aggregate principal amount of its 5.900% fixed-to-fixed rate subordinated notes due 2029 - 87161CAM7

02 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Businesswire: Source: Synovus


"COLUMBUS, Ga.--(BUSINESS WIRE)--Synovus Financial Corp. (NYSE: SNV) announced today that it has commenced a cash tender offer to purchase up to $150 million in aggregate principal amount (as such amount may be increased or decreased by Synovus pursuant to the terms of the tender offer, the “Maximum Tender Amount”) of its outstanding 5.900% Fixed-to-Fixed Rate Subordinated Notes due Feb. 7, 2029 (the “2029 notes”). Approximately $286,364,000 in aggregate principal amount of the 2029 notes is outstanding.


The tender offer will commence on Nov. 2, 2023, and expire at 5 p.m. (New York City time) on Dec. 1, 2023, unless the tender offer is earlier terminated or extended (such time and date, as may be extended or earlier terminated, the “Expiration Time”). The tender offer is being made exclusively pursuant to an offer to purchase dated Nov. 2, 2023 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), which sets forth the terms and conditions of the tender offer.


Holders of 2029 notes who validly tender (and do not validly withdraw) their 2029 notes at or before 5 p.m. (New York City time) on Nov. 15, 2023 (such date and time, as the same may be extended, the “Early Tender Time”), will be eligible to receive consideration equal to $935 per $1,000 principal amount of the 2029 notes tendered and accepted for purchase (the “total consideration”), which includes an early tender payment of $30 per $1,000 principal amount of the 2029 notes (the “early tender payment”). Holders who tender their 2029 notes after the Early Tender Time but at or before the Expiration Time will be eligible to receive $905 per $1,000 principal amount of the 2029 notes tendered and accepted for purchase (the “tender offer consideration”), namely the total consideration less the early tender payment. In addition to the applicable consideration, all holders of 2029 notes accepted for purchase will receive accrued and unpaid interest on such 2029 notes from the last interest payment date to, but not including, the date such 2029 notes are purchased in the tender offer (the “accrued interest”).


Tendered 2029 notes may be validly withdrawn at or before 5 p.m. (New York City time) on Nov. 15, 2023 (as may be extended, the “Withdrawal Deadline”), but not thereafter, except as may be required by law, by following the procedures described in the Offer to Purchase."


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