Synovus Financial Corp. announced that it has commenced a cash tender offer to purchase up to $150 million in aggregate principal amount (as such amount may be increased or decreased by Synovus pursuant to the terms of the tender offer, the ?Maximum Tender Amount?) of its outstanding 5.900% Fixed-to-Fixed Rate Subordinated Notes due Feb. 7, 2029 (the ?2029 notes?).

Approximately $286,364,000 in aggregate principal amount of the 2029 notes is outstanding. The tender offer will commence on Nov. 2, 2023, and expire at 5 p.m. (New York City time) on Dec.

1, 2023, unless the tender offer is earlier terminated or extended (such time and date, as may be extended or earlier terminated, the ?Expiration Time?). The tender offer is being made exclusively pursuant to an offer to purchase dated Nov. 2, 2023 (as it may be amended or supplemented from time to time, the ?Offer to Purchase?), which sets forth the terms and conditions of the tender offer.

Holders of 2029 notes who validly tender (and do not validly withdraw) their 2029 notes at or before 5 p.m. (New York City time) on Nov. 15, 2023 (such date and time, as the same may be extended, the ?Early Tender Time?), will be eligible to receive consideration equal to $935 per $1,000 principal amount of the 2029 notes tendered and accepted for purchase (the ?total consideration?), which includes an early tender payment of $30 per $1,000 principal amount of the 2029 notes (the ?early tender payment?). Holders who tender their 2029 notes after the Early Tender Time but at or before the Expiration Time will be eligible to receive $905 per $1,000 principal amount of the 2029 notes tendered and accepted for purchase (the ?tender offer consideration?), namely the total consideration less the early tender payment.

In addition to the applicable consideration, all holders of 2029 notes accepted for purchase will receive accrued and unpaid interest on such 2029 notes from the last interest payment date to, but not including, the date such 2029 notes are purchased in the tender offer (the ?accrued interest?).