Exhibit 99.1
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| Total System Services, Inc. | | |
| 1600 First Avenue | | +1.706.649.2307 |
| Post Office Box 2567 | | +1.706.649.5740 |
| Columbus GA 31902-2567 | | |
| www.tsys.com | | |
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For immediate release: | | |
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Contacts: | | |
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| Cyle Mims | | Shawn Roberts |
| TSYS Media Relations | | TSYS Investor Relations |
| +1.706.644.3110 | | +1.706.644.6081 |
cylemims@tsys.com | | shawnroberts@tsys.com |
TSYS Board Declares Special Cash Dividend in Connection with
Spin-Off from Synovus
Columbus, Ga., Nov. 30, 2007 —TSYS (NYSE:TSS), one of the world’s largest providers of outsourced payment services, today announced that its Board of Directors has declared a one-time special cash dividend of $600 million to be paid on a pro rata basis to its shareholders, including Synovus, in connection with the previously announced spin-off to Synovus’ shareholders of the shares of TSYS stock currently owned by Synovus. The dividend will be paid on Dec. 31, 2007, to TSYS shareholders of record as of the close of business on Dec. 17, 2007. Pursuant to the agreement and plan of distribution, Synovus will receive approximately $485 million in proceeds from this one-time special cash dividend.
Based on the number of TSYS shares outstanding as of Oct. 31, 2007, it is expected that TSYS shareholders as of the record date will receive $3.03 per share. The final per share dividend will be determined based on the number of TSYS shares outstanding on the record date.
TSYS also will pay a regular quarterly cash dividend to shareholders of record as of the close of business on Dec. 17, 2007, including Synovus, in the amount of $.07 per share. This dividend will be paid on Jan. 2, 2008.
In addition, Synovus today announced that its Board of Directors has set Dec. 18, 2007, as the record date for the previously announced spin-off to Synovus’ shareholders of the shares of TSYS stock currently owned by Synovus. Synovus currently owns approximately 80.7 percent of TSYS. The distribution of the approximately 159.6 million TSYS shares owned by Synovus will be made on a pro rata basis on Dec. 31, 2007, to shareholders of record as of the close of business on the Dec. 18 record date.
TSYS has been advised that, in connection with the spin-off, a “when-issued” public market for TSYS common stock on the New York Stock Exchange (NYSE) will begin shortly after the final amount of the per-share special cash dividend is determined, which is expected to be on or around December 19, 2007, and continue through the distribution date under the symbol“TSS wi.” The “when-issued” public market will be a market for shares of TSYS common stock that will be distributed to Synovus shareholders on the distribution date. In addition, TSYS expects to be quoted “ex-dividend” on the NYSE beginning on or around December 19, 2007. Any holder of TSYS common stock who sells shares of TSYS (which currently trades on the NYSE under the symbol “TSS”) in the “regular way” market before the date “ex-dividend” trading begins will be selling the entitlement to receive the special cash dividend and regular quarterly cash dividend. Holders of TSYS common stock are encouraged to consult with their financial advisors regarding the specific implications of selling TSYS common stock before the date “ex-dividend” trading begins.
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TSYS Board Declares Special Cash Dividend in Connection with Spin-Off from Synovus/p.2
About TSYS
TSYS (www.tsys.com) is one of the world’s largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. Based in Columbus, Ga., TSYS (NYSE: TSS) has been closely held by Synovus Financial Corp. (NYSE: SNV), one ofFORTUNEmagazine’s “Most Admired Companies” and a member of its “100 Best Companies to Work For” for 10 consecutive years, since its initial public offering in 1983. For more information, contactnews@tsys.com.
Forward-Looking and Cautionary Statements
This press release contains statements that constitute “forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements identified by words or phrases such as “potential,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “assume,” “outlook,” “continue,” “seek,” “plans,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. These statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties. There can be no assurance that these transactions will occur or that the expected benefits associated therewith will be achieved. A number of important factors could cause actual results to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond our ability to control or predict. These factors include, but are not limited to, those found in our filings with the Securities and Exchange Commission, including our Annual Report onForm 10-K, Quarterly Reports onForm 10-Q and Current Reports onForm 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.
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