Zions tenders for $393.6 million of notes due 2021, 2022

By Rebecca Melvin

New York, June 23 – Zions Bancorporation NA announced the results of its cash tender offers for any and all of its $500 million of 3.5% senior notes due 2021 and $500 million of 3.35% senior notes due 2022, according to a company news release.

When the offers expired on Monday, $218,577,000 of the 2021 notes had been validly tendered, representing 43.72% of the issue, and $175,015,000 of the 2022 notes had been tendered, or 35% of the total issue.

Zions had previously repurchased an additional $35.17 million principal amount of the 2022 notes, resulting in a total reduction in aggregate principal amount of $210,185,000, or 42.04%, of the 2022 issue.

There were no notes subject to guaranteed delivery procedures. Zions expects to accept all $393,592,000 notes validly tendered and make payment on June 25.

Holders who validly tendered their notes are eligible to receive a total cash consideration of $1,025 per $1,000 principal amount of 2021 notes and a total cash consideration of $1,030 per $1,000 principal amount of 2022 notes, plus any accrued interest.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-4087) was the dealer manager. Global Bondholder Services Corp. (866 470-3800) was the information agent.

The bank holding company is based in Salt Lake City.

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