By Cristal Cody
Tupelo, Miss., Oct. 22 – Synovus Financial Corp. subsidiary Synovus Bank (Baa2/BBB/BBB) priced $200 million of 4% 10-year fixed-to-floating rate subordinated notes on Thursday at a spread of Treasuries plus 362.5 basis points, according to a market source.
Initial price talk was in the 4.375% area.
The notes convert to a floating rate after the initial fixed-rate period.
BofA Securities, Inc., Morgan Stanley & Co. LLC and Piper Sandler & Co. were the bookrunners.
The notes are callable after five years.
The company held fixed income investor calls on Wednesday for the offering.
Synovus is a financial services company based in Columbus, Ga.
| Issuer: | Synovus Bank
|
| Amount: | $200 million
|
| Description: | Fixed-to-floating rate subordinated notes
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| Maturity: | Oct. 29, 2030
|
| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC and Piper Sandler & Co.
|
| Coupon: | 4% initially, then converts to a floating rate
|
| Spread: | Treasuries plus 362.5 bps
|
| Call feature: | Five years
|
| Trade date: | Oct. 22
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
| Price guidance: | 4.375% area
|
| Marketing: | Fixed income investor calls
|
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