AI English summary of an SEC filing — figures as filed
Synchrony Financial SYFOn February 23, 2024, the company issued and sold 20,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, 1 shares
Key points
AI summaryOn February 23, 2024, the company issued and sold 20,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, 1 shares
Synchrony Financial said it filed a Certificate of Designations with the Secretary of State of Delaware on February 22, 2024. The filing took effect upon filing and amends the company's Amended and Restated Certificate of Incorporation.
The company said that if it does not declare and either pay or set aside a sum sufficient for payment of dividends on the Series B Preferred Stock for the immediately preceding dividend period, its ability to pay dividends on, make distributions with respect to, or repurchase, redeem or otherwise acquire its common stock and any preferred stock ranking on parity with or junior to the Series B Preferred Stock is subject to certain restrictions.
On February 15, 2024, Synchrony Financial entered into an underwriting agreement with Morgan Stanley & Co. LLC and other representatives of the underwriters to sell 20,000,000 depositary shares in a public offering under a Form S-3 registration statement. It said it entered into a Deposit Agreement with Computershare Inc. and Computershare Trust Company, N.A. on February 23, 2024.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Synchrony issues and sells 20,000,000 Series B preferred depositary shares
On February 23, 2024, the company issued and sold 20,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, 1 shares
Source · Based on the filing body and exhibits
Certificate of Designations filed, charter amended
Synchrony Financial said it filed a Certificate of Designations with the Secretary of State of Delaware on February 22, 2024. The filing took effect upon filing and amends the company's Amended and Restated Certificate of Incorporation.
Source · Based on the filing body and exhibits
Restrictions on common and parity or junior preferred if dividends unpaid
The company said that if it does not declare and either pay or set aside a sum sufficient for payment of dividends on the Series B Preferred Stock for the immediately preceding dividend period, its ability to pay dividends on, make distributions with respect to, or repurchase, redeem or otherwise acquire its common stock and any preferred stock ranking on parity with or junior to the Series B Preferred Stock is subject to certain restrictions.
Source · Based on the filing body and exhibits
Underwriting Agreement and Deposit Agreement on February 15, 2024
On February 15, 2024, Synchrony Financial entered into an underwriting agreement with Morgan Stanley & Co. LLC and other representatives of the underwriters to sell 20,000,000 depositary shares in a public offering under a Form S-3 registration statement. It said it entered into a Deposit Agreement with Computershare Inc. and Computershare Trust Company, N.A. on February 23, 2024.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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