v3.25.2
Borrowings
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
June 30, 2025December 31, 2024
($ in millions)Maturity dateInterest RateWeighted average interest rate
Outstanding Amount(a)(b)
Outstanding Amount(a)(b)
Borrowings of consolidated securitization entities:
Fixed securitized borrowings2025 - 2028
3.86% - 5.74%
4.95 %$5,415 $4,917 
Floating securitized borrowings2026 - 2028
5.00% - 5.37%
5.13 %2,925 2,925 
Total borrowings of consolidated securitization entities5.02 %8,340 7,842 
Senior unsecured notes:
Synchrony Financial senior unsecured notes:
Fixed senior unsecured notes2025 - 2031
2.88% - 5.15%
4.05 %3,889 4,637 
Fixed to floating senior unsecured notes(c)
2030 - 2031
5.45% - 5.94%
5.68 %1,540 745 
Synchrony Bank senior unsecured notes:
Fixed senior unsecured notes2025 - 2027
5.40% - 5.63%
5.49 %1,498 1,497 
Total senior unsecured notes4.73 %6,927 6,879 
Subordinated unsecured notes:
Synchrony Financial subordinated unsecured notes:
Fixed subordinated unsecured notes2033
7.25%
7.25 %742 741 
Total senior and subordinated unsecured notes4.97 %7,669 7,620 
Total borrowings$16,009 $15,462 
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(a)Includes unamortized debt premiums, discounts and issuance costs.
(b)The Company may redeem certain borrowings prior to their original contractual maturity dates in accordance with the optional redemption provision specified in the respective instruments.
(c)Includes $800 million principal amount issued in March 2025, interest rate fixed through March 6, 2030; resets March 7, 2030 to floating rate based on compounded Secured Overnight Financing Rate ("SOFR") plus 168 basis points.
Debt Maturities
The following table summarizes the maturities of the principal amount of our borrowings of consolidated securitization entities and senior and subordinated unsecured notes for the remainder of 2025 and over the next four years and thereafter:
($ in millions)
2025(a)
2026202720282029Thereafter
Borrowings$2,575 $3,800 $4,200 $1,775 $650 $3,050 
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(a)Includes $1.0 billion of fixed senior unsecured notes issued by Synchrony Financial and $675 million of fixed securitized borrowings which matured and were repaid in July 2025.
Additional Sources of Liquidity
We have undrawn committed and uncommitted capacity under certain credit facilities, primarily from private lenders under our securitization programs, subject to customary borrowing conditions, and also have access to the Federal Reserve discount window. At both June 30, 2025 and December 31, 2024, we had:
•an aggregate of $2.6 billion of undrawn capacity under our securitization financings, of which $2.1 billion was committed and $450 million was uncommitted,
•an aggregate of $500 million of undrawn committed capacity under our unsecured revolving credit facility with private lenders, and
•an aggregate of $10.8 billion and $11.5 billion, respectively, of available borrowing capacity through the Federal Reserve discount window based on the amount and type of assets pledged.