Synovus announces successful closing of $600 Million common stock - WTVM.com-Columbus, GA News Weather & Sports

Synovus announces successful closing of $600 Million public offering

Press Release

COLUMBUS, GA - Synovus Financial Corp. (NYSE: SNV) announced that at on September 22, 2009, it completed the previously announced $600 million underwritten public offering of 150,000,000 shares of the Company's common stock at a public offering price of $4.00 per share.

The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $570.5 million.

"We believe the market's response to our public offering demonstrates its confidence in the future of Synovus as we seek to emerge stronger from this tough economic cycle," said Richard Anthony, Synovus Chairman, CEO and President. "The results of this first step of our previously announced capital plan exceeded our expectations.  Access to additional capital strengthens our capital ratios, better positions us to manage through this cycle and enables us to meet increasing regulatory requirements around desired capital levels.  Further, we will be better able to take advantage of potential growth and expansion opportunities as a result of this enhanced capital base."

The net proceeds from the offering will qualify as tangible common equity and Tier 1 capital and will be used for working capital and general corporate purposes. 

J.P. Morgan Securities Inc. served as sole book-running manager of the offering, and Sandler O'Neill + Partners, L.P. and SunTrust Robinson Humphrey, Inc. served as co-managers.

Source: Synovus

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