Synchrony Financial Debt Disclosure
| 2025 | 2024 | ||||||||||||||||||||||||||||
| At December 31 ($ in millions) | Maturity date | Interest Rate | Weighted average interest rate | Outstanding Amount(a)(b) | Outstanding Amount(a)(b) | ||||||||||||||||||||||||
| Borrowings of consolidated securitization entities: | |||||||||||||||||||||||||||||
| Fixed securitized borrowings | 2026 - 2028 | 4.06% - 5.74% | 4.97 | % | $ | 5,490 | $ | 4,917 | |||||||||||||||||||||
| Floating securitized borrowings | 2027 - 2028 | 4.44% - 4.85% | 4.59 | % | 2,925 | 2,925 | |||||||||||||||||||||||
| Total borrowings of consolidated securitization entities | 4.84 | % | 8,415 | 7,842 | |||||||||||||||||||||||||
| Senior unsecured notes: | |||||||||||||||||||||||||||||
| Synchrony Financial senior unsecured notes: | |||||||||||||||||||||||||||||
| Fixed senior unsecured notes | 2026 - 2031 | 2.88% - 5.15% | 3.90 | % | 2,892 | 4,637 | |||||||||||||||||||||||
Fixed-to-floating senior unsecured notes | 2029 - 2036 | 5.02% - 6.00% | 5.62 | % | 2,534 | 745 | |||||||||||||||||||||||
| Synchrony Bank senior unsecured notes: | |||||||||||||||||||||||||||||
| Fixed senior unsecured notes | 2027 | 5.63% | 5.63 | % | 599 | 1,497 | |||||||||||||||||||||||
| Total senior unsecured notes | 4.79 | % | 6,025 | 6,879 | |||||||||||||||||||||||||
| Subordinated unsecured notes: | |||||||||||||||||||||||||||||
| Synchrony Financial subordinated unsecured notes: | |||||||||||||||||||||||||||||
| Fixed subordinated unsecured notes | 2033 | 7.25% | 7.25 | % | 742 | 741 | |||||||||||||||||||||||
| Total senior and subordinated unsecured notes | 5.06 | % | 6,767 | 7,620 | |||||||||||||||||||||||||
| Total borrowings | $ | 15,182 | $ | 15,462 | |||||||||||||||||||||||||
| ($ in millions) | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||||||||||||||||
| Borrowings | $ | 2,250 | $ | 5,350 | $ | 2,925 | $ | 1,150 | $ | 750 | $ | 2,800 | |||||||||||||||||||||||
($ in millions): | ||||||||||||||||||||||||||||||||
| Issuance Date | Principal Amount | Fixed Interest Rate | Interest Rate Reset Date | Floating Rate Spread(a) | Maturity | |||||||||||||||||||||||||||
| March 2025 | $ | 800 | 5.450% | March 6, 2030 | 168 bps | March 2031 | ||||||||||||||||||||||||||
| July 2025 | $ | 500 | 5.019% | July 29, 2028 | 139.5 bps | July 2029 | ||||||||||||||||||||||||||
| July 2025 | $ | 500 | 6.000% | July 29, 2035 | 207 bps | July 2036 | ||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.