By Stephanie N. Rotondo
Phoenix, Sept. 12 - Zions Bancorporation sold $75 million of 6.95% $25-par fixed-to-floating rate subordinated notes due Sept. 15, 2028 via an online auction, the company said in an FWP filed with the Securities and Exchange Commission on Thursday.
The auction began Wednesday and ended at the close of business on Thursday.
Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Merrill Lynch, Macquarie Capital and Zions Direct Inc. are the joint bookrunning managers.
Zions Direct facilitated the modified Dutch auction.
The coupon will be fixed at 6.95% until Sept. 15, 2023, at which time it will begin to float at Libor plus a spread. Interest will be payable on the 15th of March, June, September and December.
The Salt Lake City-based bank will use proceeds for general corporate purposes, which may include the redemption or repurchase of outstanding securities.
| Issuer: | Zions Bancorporation
|
| Securities: | Fixed-to-floating rate subordinated notes
|
| Amount: | $75 million
|
| Maturity: | Sept. 15, 2028
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Merrill Lynch, Macquarie Capital and Zions Direct Inc.
|
| Coupon: | Fixed at 6.95% until Sept. 15, 2023, then floats at Libor plus a spread
|
| Price: | Par of $25
|
| Yield: | 6.95%
|
| Call options: | On or after Sept. 15, 2023
|
| Pricing date: | Sept. 12
|
| Settlement date: | Sept. 17
|
| Expected listing: | NYSE: ZBPK
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
