The depositary shares represent an interest in the company’s 8.25% fixed-rate reset non-cumulative perpetual preferred stock

Davis Polk advised the representatives of the several underwriters in connection with Synchrony Financial’s SEC-registered offering of 20,000,000 depositary shares, each representing a 1/40th interest in a share of its 8.250% fixed-rate reset non-cumulative perpetual preferred stock, Series B, par value $0.001 per share, with a liquidation preference of $25 per depositary share (equivalent to $1,000 per share of Series B preferred stock). The gross proceeds from the offering totaled approximately $500 million.

Based in Stamford, Connecticut, Synchrony Financial is a premier consumer financial services company delivering one of the industry’s most complete, digitally enabled product suites, with experience, expertise and scale across a broad spectrum of industries, including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more.

The Davis Polk capital markets team included partner John B. Meade, counsel Michael Stromquist and associates Sean Kennelly and Xuanling Xu. Partner Margaret E. Tahyar, counsel Ledina Gocaj and associate Joshua Kim provided regulatory advice. Partner Mario J. Verdolini and associates Albert Park and Isaiah B. Kramer provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.