Davis Polk advised the representatives of the several underwriters in connection with Synchrony Financial’s SEC-registered offering of 30,000,000 depositary shares, each representing a 1/40th ownership interest in a share of its 5.625% non-cumulative perpetual preferred stock, Series A, par value $0.001 per share, with a liquidation preference of $25 per depositary share (equivalent to $1,000 per share of Series A preferred stock). The gross proceeds from the offering totaled approximately $750 million.

Based in Stamford, Connecticut, Synchrony Financial is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products.

The Davis Polk capital markets team included partner John B. Meade and associates Yoojin L. Kim and Joanna Sedlak. Partner Margaret E. Tahyar and associate Eric B. Lewin provided regulatory advice. Partner Mario J. Verdolini and associate Ben Levenback provided tax advice. All members of the Davis Polk team are based in the New York office.