Glad to see things never change. I have been out of the country. Will synovus just completed buying back bonds or lets say converting bonds to a later date. They issue 250 million new ones and converted 146.10 million of the old ones. That means there were 60.65 million of the ones that people said no I want cash. So if your keeping a running total that means we have 103.9 million minus 60.65 million which leaves 43.25 million. Now why did synovus need more money? More debt and yet no payback of tarp. Could we see a secondary at $1.75 like last time? Good luck to all and smart move to those that took the 60.65 million and ran.
Let`s say it is 300 million. Don`t you think its strange that before they go to JP morgan they don`t know how much they need? That the CEO says 250 million and might have to pay a higher rate.That they only need 207 million to retire bonds coming due in 2013. That those bonds were paying 4.875 percent and not 7.875 percent? We are talking about a bank that is suppose to be making money not going deeper in debt. Enjoy your investment . If I want to gamble I will go Las vegas. Let`s see what they do this quarter and see if they really have turned the corner. If they have you can post all you want about me. If I am right I hope you will have the class to just go away.
I wish you would make up your mind. It was either 250 million or 300 million or both. As far as the stock when I thought the stock was going down I said so. When it was going up I said so. When Bill was saying it was going down below 1 dollar some of us like shareholder and many more were saying no and we bought. When synovus said they were going to make a profit I was right there saying go team. When they dropped that big loss in the third quarter after shareholders bought near $4 bucks I said wait one minute. Those lawsuits are still going on I believe as is the lawsuit where property was sold for 12 million when the loan was for 120 million. Do you not change your idea when you see different facts? If not I have some swamp land I can sell you. It will make a great home place in a million years when the water goes down or the creek goes dry. I have to say you are a idoit and saying anything about my family just shows you have no class at all. Climb back under the rock which you came because you really are retarded and a waste of a post.
I'm not rendering any opinion on whether or not the deal is fishy. I'm just pointing out that earlier you were posting emphatically that SNV issued $250million and you didn't know the terms. At the same time, if you had bothered, you could have read the 8-K and gotten your facts straight. The other thing I would like to point out is that for month after month last year you were hawking this stock constantly, and you were saying that anyone who had an opinion contrary to yours was stupid, or a short or posting under multiple screen names,
The fact is that you are a useless source of misinformation, in other wors an idiot and a DA.
Remeber, as you like to say, you reap what you sow. Everytime you post, you have obviously gotten dember and more senile. If I were you, I would quit "sowing" stupidity because you certainly do seem to be reaping a lot of it.
I can understand why your wife left you and your daughter has issues.
What part of this whole bond deal doesn`t sound fishy? You need to retire 207 million of old debt at 4.875 percent do 2013. You say your going to have 250 million in new debt to pay off the old debt. Two days later the CEO tells the news wires your going to have 250 million in new bonds. From the 9th of Feb till Feb13 you decide you need 300 million in which its going to cost you 6 million to get it . What part of retiring bonds at 4.875 percent and putting out bonds at 7.875 percent don`t you understand. Are you saying that when management does something they don`t think it out because in my book when you need 207 million and replace it with 300 million in debt something is not right. What happen to Synovus making a real profit? I still am not sold that these were not two bond deals as two different folks said they could not get details of the interest rate and the ceo said they might have to pay 8.5 percent. You keep saying blue skies ahead. When I look around I see clouds over Columbus. You keep pumping and put your head in the sand because when a bank has to pay junk rates it is time to head to the door. Moody`s was a wake up call to those that cashed in. When Brown went down to Columbus and said SNV would show a profit in 2009 I said no way and that sea island would not never ever pay that 35 million payment. Some say that loan cost us 300 million. With 1.8 billion in NPA which are commercial and high price land how do you think they will ever pay back tarp? It will happen with a secondary or tmeds which will convert into more stock. When that happens I will have the towels ready because it will be raining buckets of tears. I have invested in snv since 1980 and have posted on this board for longer than you ever owned or traded snv stock. I am not trying to fool no one but you are. Just like in south Georgia when you get out of the boat you had better be sure the ground has a bottom. Nothing like floating peat. Synovus is that floating peat and when they keep having to put out more debt to pay the bills it is going down.
Exactly who am I trying to fool by referring people to SNV's 8-K that clearly refutes what you have been saying? Telling people they post under different screen names is an old, boring tactic that you use constantly to deflect the fact that you are an idiot. Even if I did have a thousand screen names (which is a silly idea on your part) and posted on the PCX board (which I don't), the fact is that you still don't know anything about the securities markets, including how to find, read or understand an SEC filing. You are one major DA.
The second-largest Georgia-based banking company is out in the market with a deal known as an amend-and-extend, in which the bank will issue $250 million in senior notes due in 2019 and use the proceeds to buy back just over $200 million in subordinated notes due in a year.
To get the deal done, Synovus (NYSE: SNV) may have to pay investors at least 8.5 percent interest on the deal.
Moody's rated the deal B2, or speculative-grade and high-risk.
"The ratings of Synovus reflect several key challenges which still remain, despite its return to profitability in the third quarter of 2011," the analysts wrote in a note Thursday.
The Columbus, Ga.-based owner of 30 branded banks still has $1.8 billion in bad loans, Moody's noted. And much of its loan portfolio is still concentrated in commercial real estate, especially in construction and land loans.
The interest on the bond issue is substantially higher than other 7-year corporate debt, especially among its peers, noted analysts at FIG Partners LLC FIG Partners LLC Latest from The Business Journals Two Doraville banks merge in FDIC dealRegions shrinks real estate space across footprint to save moneyLow capital weighs on three Georgia banks Follow this company .
The debt will cost Synovus $11 million a year, noted Chris Marinac, founding principal at FIG.
"It is one more roadblock to SNV achieving higher profitability," Marinac wrote in a Feb. 8 note to clients. FIG lowered its recommendation to investors on the bank holding company's stock to "market perform" from "outperform," meaning investors who don't already hold Synovus stock shouldn't purchase it now.
Another example of Navarre not knowing what he's talking about. It was a cash tender offer, not a debt swap as he stated. The holders of the $60 million that wasn't tendered will simply let their debt get repaid at maurity in 2013.
The board idiot is back. The only reason he was "out of the country" was to go into town and pick up new teeth.
They issued 250 million in new debt and retired 145.6 million for cash. The other 60 plus million will be paid off February 15, 2013 . That means 104.4 million. That also means SNV is now 43 million more in debt. You should have left it alone Howlow. This makes it worst than it was. (Synovus swapping subordinated notes in debt offering .
Synovus Financial Corp. Synovus Financial Corp. Latest from The Business Journals Follow this company is in the market with $250 million in senior notes to pay off subordinated debt due next year.
The second-largest Georgia-based financial institution is paying off the remaining $207 million in subordinated notes, which are ranked lower in priority than senior notes when the notes must be repaid, such as in an event of default.) Ok now we pay off 4.875 notes but we don`t say what the interest rate is on the new notes? Sound like it is higher because they are junk bonds. Does anyone have a link to the new interest rate on these bonds? How about you howlow or are you just like you were on the PCX board? Worthless!