Synovus Financial in Columbus, Ga., has offered to acquire up to $100 million of its outstanding subordinated debt.

The $28 billion-asset company made the cash tender offer on Wednesday, according to a news release. An offer of $1,042 per $1,000 principal amount of the notes is scheduled to expire on Jan. 7. After that date, the offer drops to $1,012 per $1,000 principal amount; that offer is scheduled to expire on Jan. 22.

The offer was made on Synovus' outstanding 5.125% notes due June 2017. The aggregate principal balance of the notes is about $403.3 million. JPMorgan Chase is dealer-manager on the tender offer.

Synovus earlier this month issued $250 million in subordinated debt to fund potential acquisitions. In the offering, which closed Dec. 7, Synovus issued fixed-to-floating notes due 2025, carrying a fixed 5.75% rate for 10 years.

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