Synovus Financial Corp. shares fell a day after the company sharply raised the size of its planned stock sale and priced it at a 9.7% discount to Wednesday's closing price.
The Southeastern bank will sell at least 150 million shares at $4 each. There are about 330 million outstanding. The company, when it announced the stock sale Monday, said it planned to sell at least $350 million in shares.
The stock, up 26% this week as the company also announced plans to swap up to 50 million shares for debt as part of the effort, was down 9.2% to $4.02 in recent premarket trading. As of Wednesday's close, the stock was down 47% this year.
The Georgia-based company has been hit hard by hard by declining housing markets, particularly in the Southeast. Snyovus' rating was cut to junk territory by Fitch Ratings earlier this year.
