Synovus Financial Corp. (NYSE: SNV) today announced the successful completion of its previously announced public offerings of 293,250,000 shares of common stock and 13,800,000 Tangible Equity Units, or "tMEDS."  Each tMEDS is a unit comprised of a prepaid stock purchase contract and a subordinated amortizing note issued by Synovus.  Each offering included full exercise by the underwriters of their respective over-allotment options.

Synovus’ $1.1 billion in net proceeds from the offerings, approximately $1.03 billion of which will qualify as tangible common equity and Tier 1 capital, will be used for working capital and general corporate purposes.

“Our successful capital raise creates a strong foundation for Synovus’ future performance as we continue our journey to profitability. Our capital cushion  will provide strategic flexibility to manage through this credit cycle and positions us to take advantage of potential growth opportunities available to us as a significant regional bank in the southeast,” said  Richard E. Anthony, Synovus Chairman and Chief Executive Officer.

J.P. Morgan Securities Inc. served as the sole book-running manager of both offerings, and KKR Capital Markets LLC and Sandler O’Neill + Partners, L.P. served as co-managers of the common stock offering.