Synovus Financial Corp. launched an underwritten public offering of $150 million of fixed-to-floating rate noncumulative perpetual preferred stock, series D.
The company plans to use the net proceeds of the offering to fund the redemption of all of its outstanding shares of fixed-to-floating rate noncumulative perpetual preferred stock, series C, and for other general corporate purposes.
Citigroup Global Markets Inc. and Merrill Lynch Pierce Fenner & Smith Inc. are acting as joint book-running managers of the offering. J.P. Morgan Securities LLC is acting as joint lead manager, and Synovus Securities Inc. and Sandler O'Neill & Partners LP are acting as co-managers.
