secwatch.observer — SEC 8-K summary
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Issuer:     Synchrony Financial (SYF)
CIK:        0001601712
Form:       8-K
Filed at:   2024-02-23T23:59:59+00:00
Accession:  0001193125-24-044482
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Synchrony issues 20M depositary shares of 8.250% Series B Perpetual Preferred Stock
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- Issued 20M depositary shares (each 1/40th interest) of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B.
- Underwriters include Morgan Stanley, BofA, J.P. Morgan, RBC, and Wells Fargo per underwriting agreement dated Feb 15.
- Certificate of Designations filed Feb 22, establishing rights, preferences, and restrictions of Series B Preferred.
- Dividend restrictions on common and junior/preferred stock if Series B dividends are not paid for prior period.
- Total offering likely $500M based on $25 liquidation preference per depositary share.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1601712/000119312524044482/0001193125-24-044482-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1601712/000119312524044482/d745125d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-044482

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