We advised the underwriters on the offering

Davis Polk advised the representatives of the several underwriters in connection with Synchrony Financial’s SEC-registered offering of 500,000 depositary shares, each representing a 1/100th interest in a share of its 7.250% fixed-rate reset non-cumulative perpetual preferred stock, Series C, par value $0.001 per share, with a liquidation preference of $1,000 per depositary share (equivalent to $100,000 per share of Series C 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. It has experience, expertise and scale across a broad spectrum of industries, including digital, health and wellness, retail, telecommunications, home, auto, outdoor and pet.

The Davis Polk capital markets team included partner John B. Meade and associates Cheridan Christnacht and Alexander D. Langa. Partner Margaret E. Tahyar, counsel Suiwen Liang and associate Amie Kim provided regulatory advice. Partner Patrick E. Sigmon and associate Michael Hsieh provided tax advice. All members of the Davis Polk team are based in the New York office.

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