New Issue: Synchrony Financial sells upsized $750 million 2.875% 10-year notes at 125 bps spread

By Wendy Van Sickle and Cristal Cody

Columbus, Ohio, Oct. 25 – Synchrony Financial priced an upsized $750 million of 2.875% 10-year senior notes on Monday at 99.888 to yield 2.888%, or a spread of Treasuries plus 125 basis points, according to an FWP filing with the Securities and Exchange Commission.

The deal had been talked at a $500 million size and to yield in the Treasuries plus 150 bps area, according to a market source.

J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

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

Issuer:	Synchrony Financial
Amount:	$750 million
Description:	Senior notes
Maturity:	Oct. 28, 2031
Bookrunners:	J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC
Co-managers:	Academy Securities, Inc., Blaylock Van, LLC, CastleOak Securities, LP, Mischler Financial Group, Inc., Samuel A. Ramirez & Co., Inc., R. Seelaus & Co., Inc. and Siebert Williams Shank & Co., LLC
Coupon:	2.875%
Price:	99.888
Yield:	2.888%
Spread:	Treasuries plus 125 bps
Call features:	Non-callable before April 28, 2022; make-whole call on or after April 28, 2022 and before July 28, 2031 at price equal to greater of par and Treasuries plus 20 bps; thereafter at par
Trade date:	Oct. 25
Settlement date:	Oct. 28
Distribution:	SEC registered
Talk:	$500 million issue size to yield Treasuries plus 150 bps area
Cusip:	87165BAR4

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