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 RTT Staff Writer
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