Synovus (NYSE: SNV ) is tapping the markets for a fresh round of financing. The company announced that it will float just under 59.9 million shares of its common stock in an underwritten public offering priced at $3.09 per share. The estimated net proceeds of the issue are estimated at $175 million. This cash pile, in conjunction with a planned preferred stock issue and dividends from a subsidiary, will be used to repay nearly $1 billion in TARP funds the government provided to Synovus.
JPMorgan Chase's J.P. Morgan Securities is the sole book-running manager of the issue, which is expected to close on July 24.
Currently, Synovus has more than 793 million shares outstanding, and its stock most recently closed at $3.24 per share.