logo
Plus   Neg
Share
Email

Synovus Financial Prices Public Offering Of 59.87 Mln Shares At $3.09/shr

Synovus Financial Corp. (SNV) announced it has priced a public offering of 59.87 million shares of its common stock at $3.09 per share. The offering will generate net proceeds of about $175 million. The closing date for the transaction is expected to be July 24, 2013.

The company said it intends to use the net proceeds of this offering, the net proceeds of a planned $130 million preferred stock offering and a $680 million dividend from its subsidiary bank to redeem all of the 967,870 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the United States Department of the Treasury pursuant to the Capital Purchase Program as part of its Troubled Asset Relief Program.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In a move likely to add to concerns about the possibility of a global trade war, the Commerce Department has initiated an investigation into whether imports of automobiles and parts threaten to impair U.S. national security. Commerce Secretary Wilbur Ross launched the investigation under Section 232... German banking giant Deutsche Bank announced Thursday more than 7000 job cuts in its Equities Sales & Trading business, in its efforts to cut costs following weak trading performance. The company sees restructuring charges of up to 800 million euros in its 2018 results. Deutsche Bank shares were losing in German trading as well as on pre-market trading in NYSE. Tens of thousands of casino workers in Las Vegas voted Tuesday to authorize a city-wide strike anytime after June 1 if labor contract agreements are not reached before they expire at the end of May. This would be the first strike in more than three decades in Las Vegas and could cripple the city's famed hospitality industry.
RELATED NEWS
Trade SNV now with 
Follow RTT