Synchrony Financial (SYF) has released an update.
Synchrony Financial successfully issued 20 million depositary shares, each representing a fractional interest in its Series B Preferred Stock, with a notable 8.250% fixed-rate return. The offering, managed by top-tier underwriters like Morgan Stanley and J.P. Morgan, was part of a public offering under the company’s existing registration statement. This strategic move grants shareholders proportional rights, including dividends and voting power, while imposing certain restrictions on the company’s ability to pay dividends or buy back stock unless the Series B dividends are fully paid or set aside.
For further insights into SYF stock, check out TipRanks’ Stock Analysis page.