Synchrony Financial raises capital with $500M preferred stock offering, restricts common dividends

Filed June 5, 2026 · Period ending June 2, 2026 · ~1 min read

Key Changes

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  Synchrony issued 500,000 depositary shares of new 7.250% Series C Preferred Stock in a public offering through BofA Securities, Barclays, and Morgan Stanley, raising capital that dilutes existing equity holders.

  Item 1.01: Underwriting Agreement view on EDGAR →
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  If Synchrony fails to pay Series C preferred dividends, the company cannot pay common stock dividends, make distributions, or repurchase shares until preferred dividends are addressed, creating a payment hierarchy that protects preferred holders.

  Item 3.03: Dividend Restrictions verify on EDGAR →
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  The Series C Preferred Stock is perpetual with non-cumulative dividends and a fixed rate that resets, meaning it has no maturity date and missed dividends do not accumulate or need to be paid later.

  Item 3.03: Certificate of Designations verify on EDGAR →