By Stephanie N. Rotondo
Phoenix, May 17 - Zions Bancorporation priced $250 million of 5.8% series I fixed-to-floating rate noncumulative perpetual preferred stock via an online auction, according to an FWP filing with the Securities and Exchange Commission on Friday.
The auction began Wednesday and ended at 4 p.m. ET on Thursday.
The preferreds were sold at par of $1,000.
Bookrunners are Deutsche Bank Securities Inc., Goldman Sachs & Co., Keefe, Bruyette & Woods, Macquarie Capital and Zions Direct, Inc.
There will be a fixed rate starting on Dec. 15, 2013, payabe on June 15 and Dec. 15 thereafter until June 15, 2023. After that there is a floating rate of three-month Libor plus a spread, payable on March 15, June 15, Sept. 15 and Dec. 15.
Proceeds will be used for general corporate purposes, including a possible redemption of securities.
The financial holding company is based in Salt Lake City.
| Issuer: | Zions Bancorporation
|
| Securities: | Series I fixed-to-floating rate noncumulative preferred stock
|
| Amount: | $250 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co., Keefe, Bruyette & Woods, Macquarie Capital, Zions Direct, Inc.
|
| Dividend: | Fixed at 5.8% until June 15, 2023; then floats at Libor plus a spread
|
| Price: | Par of $1,000
|
| Yield: | 5.8%
|
| Talk: | 5.45% to 5.95%
|
| Pricing date: | May 16
|
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