Synovus Financial (SNV) Prices 255M Common Offering at $25/Share

Synovus Financial Corp. (NYSE: SNV) today announced the pricing of 255 million shares of common stock and 12 million tangible equity units (or tMEDS), with a stated amount per unit of $25. The common stock priced at $2.75 per share, generating net proceeds of approximately $668.4 million. The tMEDS priced at $25 each, generating net proceeds of approximately $290.1 million (of the $300 million of tMEDS, approximately $238.8 million counted as equity). Proceeds from the offerings will be used for working capital and general corporate purposes.

The underwriters of the common stock offering have a 30-day option to purchase up to an additional 38,250,000 shares of common stock to cover over-allotments. The underwriter of the tMEDS offering has a 13-day option to purchase up to an additional 1,800,000 tMEDS to cover over-allotments.

Each tMEDS is composed of a prepaid stock purchase contract and a junior subordinated amortizing note. Each stock purchase contract has a settlement date of May 15, 2013 and will settle for between 7.5758 and 9.0909 shares of Synovus common stock, subject to adjustment as described in the final prospectus relating to the tMEDS offering. The amortizing notes will pay holders equal quarterly installments of $0.515625 per amortizing note, which in the aggregate will be equivalent to a 8.25% cash payment per year with respect to each $25 stated amount of tMEDS, and the amortizing notes have a scheduled final installment payment date of May 15, 2013. Synovus has the right to defer installment payments on the amortizing notes at any time and from time to time but not beyond May 15, 2015.

J.P. Morgan Securities Inc. served as sole book-running manager of each of the offerings.