Synovus announces ratios for exchange offers
Synovus announces ratios for debt exchange offers
- On 2:00 pm EDT, Friday October 30, 2009
COLUMBUS, Ga. (AP) -- Regional bank Synovus Financial Corp. on Friday announced the exchange ratios for its previously announced debt exchange offers.
The offer applies to the company's outstanding 4.875 percent subordinated notes due 2013.
The exchange ratio for the notes tendered in the early tender period, which expired at 5 p.m. EDT Wednesday, is 318.7099 shares of common stock the for each $1,000 principal amount of notes.
The ratio for the final tender period is 298.7905 shares for each $1,000 principal amount of notes. The final tender period began after the end of the early tender period and ends when the exhcange offer expires at 11:59 p.m. EDT Monday.
J.P. Morgan Securities Inc. is acting as the company's financial advisor.
Shares of Synovus were down 17 cents, or 7 percent, to $2.21 in afternoon trading.
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