New Issue: Synchrony Financial prices $750 million 2.85% three-year notes at 110 bps spread

By Cristal Cody

Tupelo, Miss., July 22 – Synchrony Financial priced $750 million of 2.85% three-year senior notes (BBB-/BBB-) on Monday at 99.937 to yield 2.872%, or a spread of Treasuries plus 110 basis points, according to an FWP filing with the Securities and Exchange Commission.

Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and RBC Capital Markets 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:	July 25, 2022
Bookrunners:	Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC
Senior co-managers:	BofA Securities, Inc. and MUFG
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 Williams Capital Group, LP
Coupon:	2.85%
Price:	99.937
Yield:	2.872%
Spread:	Treasuries plus 110 bps
Call features:	Non-callable before Jan. 25, 2020; make-whole call on or after Jan. 25, 2020 and before June 25, 2022 at price equal to greater of par and Treasuries plus 20 bps; thereafter at par
Trade date:	July 22
Settlement date:	July 25
Ratings:	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered

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