Synchrony Financial offers depositary shares of perpetual preferred stock with non-cumulative dividends; terms and pricing not yet set

Filed June 2, 2026 · ~2 min read

Key Changes

• high

  Synchrony offers depositary shares representing 1/100th interests in Series C Preferred Stock with $1,000 liquidation preference per depositary share. Initial dividend rate and reset spread not yet disclosed in this preliminary prospectus.

  The Offering verify on EDGAR →
• high

  Dividends are non-cumulative and discretionary: if the board does not declare a dividend for any period, that dividend is permanently lost and does not accumulate. Federal Reserve must be consulted before each payment.

  Risk Factors verify on EDGAR →
• medium

  After the First Reset Date, dividends reset quarterly to Five-Year Treasury plus a spread (spread not yet disclosed). Future dividends could be materially lower than the initial rate if Treasury rates decline.

  The Offering verify on EDGAR →