Columbus, Ga.-based Total Systems Services Inc. (TSYS) has entered into an agreement and plan of distribution with parent Synovus Financial Corp., under which Synovus plans to distribute all of its shares of TSYS common stock in a spin-off to Synovus shareholders. Under the terms and conditions of the agreement, TSYS will become a fully independent company. Prior to the spin-off transaction, and in accordance with the agreement and plan of distribution, TSYS has agreed to pay a onetime aggregate cash dividend of $600 million. TSYS expects that the dividend will be funded by a combination of cash on hand and the use of a revolving credit facility. The transaction, including the declaration of the cash dividend, is expected to be
