Synovus Financial Corp.'s capital-raising efforts brought in $1 billion, exceeding its original plan by 67%.

The $32 billion-asset Columbus, Ga., company said late Wednesday it sold 255 million shares of common stock at $2.75 a share and 12 million tangible equity units at $25 each. The tangible equity units have quarterly cash payments and allow buyers to eventually exchange the securities for a preset range of Synovus common stock, with a settlement date of May 15, 2013.

Synovus originally planned to raise $600 million from selling securities, along with plans to exchange up to 97 million shares of common stock for outstanding subordinated debt.

It had said such efforts would give it a Tier 1 common equity ratio of 8.5%, compared with 6.04% at March 31. It has not yet given an updated figure that takes into account the extra capital raised.

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