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Synchrony Financial offering $1.25B of senior notes

Specialty finance company Synchrony Financial is offering $600 million aggregate principal amount of 4.375% senior notes due 2024 and $650 million aggregate principal amount of 5.150% senior notes due 2029.

The 2024 notes will mature on March 19, 2024, and the price to the public is 99.756% of the principal amount. The 2029 notes will mature on March 19, 2029, and the price to the public is 99.784% of the principal amount.

Interest on both notes will be payable semiannually in arrears on March 19 and Sept. 19 of each year, beginning on Sept. 19.

Synchrony Financial estimated net proceeds from the offerings will be about $1.24 billion after deducting the underwriting discount and estimated offering expenses.

The company plans to use the net proceeds from the offering, or equivalent cash amounts, for general corporate purposes, which may include the redemption of some or all of the $1.10 billion principal amount of its 3.000% senior notes due August 2019.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are acting as joint book-running managers in the offerings.

Academy Securities Inc., Blaylock Van LLC, CastleOak Securities LP, Mischler Financial Group Inc., R. Seelaus & Co. LLC, Samuel A. Ramirez & Co. Inc. and The Williams Capital Group LP are serving as co-managers.