Corporate ActionJun 5, 2026, 05:06 PM
Synchrony Financial Issues 500,000 Series C Preferred Depositary Shares
AI Summary
Synchrony Financial issued and sold 500,000 depositary shares, each representing a 1/100th ownership interest in its 7.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C. This public offering was conducted under an underwriting agreement with BofA Securities, Barclays Capital, and Morgan Stanley. The company filed a Certificate of Designations, which amends its Certificate of Incorporation and establishes the rights and preferences of the Series C Preferred Stock, including dividend, voting, redemption, and liquidation rights.
Key Highlights
- Synchrony Financial issued 500,000 depositary shares.
- Each share represents a 1/100th ownership interest in Series C Preferred Stock.
- Series C Preferred Stock has a 7.250% fixed rate reset non-cumulative perpetual dividend.
- Certificate of Designations filed June 4, 2026, amending the company's Certificate of Incorporation.
- Underwriting Agreement dated June 2, 2026, with BofA, Barclays, and Morgan Stanley.
- Deposit Agreement dated June 5, 2026, for depositary receipts.
- Restrictions on common stock dividends if preferred dividends are not paid.
Price Impact
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