Zions to reopen series A floating-rate noncumulative preferreds via an auction process

By Stephanie N. Rotondo

Phoenix, July 24 - Zions Bancorporation intends to price up to $100 million of its series A floating-rate noncumulative perpetual preferreds in a reopening, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

The dividend is calculated as the greater of Libor plus 520 basis points or 4%.

The preferreds - issued as depositary shares representing a 1/40th interest - will be priced via an online auction. The auction will begin at 9 a.m. ET on Monday and end at 3 p.m. ET on Tuesday.

Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Keefe Bruyette & Woods and Zions Direct Inc. are the joint bookrunning managers.

Zions Direct is the auction facilitator.

When declared, dividends are payable on the 15th day of March, June, September and December.

The securities are not redeemable until five years after issuance.

The preferreds are listed on the New York Stock Exchange under the ticker symbol "ZBPA."

Proceeds will be used to pay for the redemption of the 9.5% series C noncumulative perpetual preferreds.

Zions is a Salt Lake City-based bank holding company.

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