Synchrony to prepay term loan with some proceeds of new note offering

By Wendy Van Sickle

Columbus, Ohio, July 20 – Synchrony Financial plans to prepay amounts owed under its term loan facility with some proceeds of its planned sale of senior notes due 2025, according to an 8-K filed with the Securities and Exchange Commission.

The term loan facility currently bears interest at 2.088% and matures on Aug. 5, 2019. Its proceeds were used to increase capital, invest in liquid assets and pay expense related to the company’s initial public offering.

The company said it will also use proceeds from the notes to invest in liquid assets and for other general purposes.

Synchrony is a consumer financial services company based in Stamford, Conn.

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