Simpson Thacher represented the underwriters, led by BofA Securities, Inc., in connection with the offering by Synovus Financial Corp. of 14,000,000 shares of its 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, representing $350 million in aggregate liquidation preference. The Series E Preferred Stock is expected to trade on the New York Stock Exchange under the symbol “SNVPrE.”
The net proceeds of the offering will be used for general corporate purposes, including share repurchases.
Synovus Financial Corp. is a financial services company and registered bank holding company that through its wholly owned subsidiary, Synovus Bank, provides commercial and retail banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, premium finance and international banking.
The Simpson Thacher team included Lee Meyerson, Lesley Peng, Hui Lin and Sean Dougherty (Corporate); Jonathan Cantor and Abigail Hopper (Tax); Nathan Utterback (ECEB); Adam Cohen and Spencer Sloan (Bank Regulatory); and Jennie Getsin (Blue Sky).