New Issue: Synchrony Financial prices $500 million 3.7% 10-year notes with 225 bps spread

By Cristal Cody

Eureka Springs, Ark., Aug. 1 – Synchrony Financial sold $500 million of 3.7% 10-year senior notes on Monday at 99.619 to yield 3.746%, according to an FWP filing with the Securities and Exchange Commission.

The notes (BBB-/BBB-) priced with a spread of Treasuries plus 225 basis points.

BofA Merrill Lynch, Mizuho Securities USA Inc. and MUFG 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:	$500 million
Description:	Senior notes
Maturity:	Aug. 4, 2026
Bookrunners:	BofA Merrill Lynch, Mizuho Securities USA Inc., MUFG
Senior co-managers:	Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
Co-managers:	Mischler Financial Group, Inc., Williams Capital Group, LP
Coupon:	3.7%
Price:	99.619
Yield:	3.746%
Spread:	Treasuries plus 225 bps
Call feature:	Make-whole call before May 4, 2026 at Treasuries plus 35 bps, then callable at par
Trade date:	Aug. 1
Settlement date:	Aug. 4
Ratings:	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.