New Issue: Synchrony Financial sells $1 billion 3.95% 10-year senior notes at 165 bps spread

By Cristal Cody

Tupelo, Miss., Nov. 28 – Synchrony Financial priced $1 billion of 3.95% 10-year senior notes (BBB-BBB-) on Tuesday at 99.714 to yield 3.985%, or Treasuries plus 165 basis points, according to an FWP filing with the Securities and Exchange Commission.

Barclays, Mizuho Securities USA LLC and Morgan Stanley & Co. 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:	$1 billion
Description:	Senior notes
Maturity:	Dec. 1, 2027
Bookrunners:	Barclays, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC
Senior co-manager:	TD Securities (USA) LLC
Co-managers:	Blaylock Van, LLC, CastleOak Securities, LP, Mischler Financial Group, Inc., R. Seelaus & Co., Inc. and Williams Capital Group, LP
Coupon:	3.95%
Price:	99.714
Yield:	3.985%
Spread:	Treasuries plus 165 bps
Call features:	Make-whole call at Treasuries plus 25 bps before Sept. 1, 2027; thereafter at par
Trade date:	Nov. 28
Settlement date:	Dec. 1
Ratings:	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered

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