SYF - New Preferred Stock And Exchange Traded Debt IPOs February 2024
2024-03-05 14:56:42 ET
Summary
- Synchrony Financial priced a $500 million offering of new preferred stock with an 8.25% dividend rate until May 2029.
- Atlanticus Holdings Corporation priced a $50 million offering of new senior notes due 2029.
- Redwood Trust priced a $60 million offering of new senior notes due 2029.
New offering summaries
Synchrony Financial ( SYF ) priced an offering of $500 million worth of new 8.25% fixed rate reset non-cumulative series B preferred stock, with the initial 8.25% dividend rate to be paid until May of 2029 at which point the preferred becomes callable, and if not called, the rate resets to the then-current 5-year US Treasury rate plus a spread of 4.044%. The new shares received credit ratings of BB- and B+ from S&P and Fitch, respectively. The new shares are trading temporarily on the OTC under symbol SYFPL, before eventually moving to permanent symbol SYF-B on the New York Stock Exchange....
New Preferred Stock And Exchange Traded Debt IPOs, February 2024