Synovus Financial in Columbus, Ga., plans to issue $250 million in subordinated notes to fund potential acquisitions or refinance other debt.

The $28.2 billion-asset company is poised to restart its role as an active acquirer, after spending years focused on internal operations and capital management, Chairman and Chief Executive Kessel Stelling has said. Synovus will probably jump back in the M&A game by making small deals, he said.

The parent company of Bank of North Georgia, Tallahassee State Bank in Florida and other banks will issue fixed-to-floating notes due 2025. The notes will carry a fixed 5.75% rate for 10 years, then reset to the then-current three-month Libor plus 418.2 basis points. The offering is expected to close Dec. 7.

In addition to possible M&A deals, Synovus may use the proceeds for share repurchases and general corporate purposes. Synovus may also use the funds to repay previous debt at or prior to maturity, including 5.125% subordinated notes set to come due 2017.

Sandler O'Neill is financial adviser on the debt offering. Alston & Bird is legal counsel.

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