Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Z > Headlines for Zions Bancorporation > News item |
Zions Bancorp sets exchange ratio in floating-rate preferreds offer
By Jennifer Chiou
New York, Dec. 18 - Zions Bancorp. announced the exchange ratio in the offer for its roughly $140 million of outstanding depositary shares that represent its series A floating-rate non-cumulative perpetual preferred stock.
The offer began on Nov. 23.
The depositary shares each represent a 1/40th ownership interest in one preferred, and each preferred has a liquidation preference of $1,000.
Each depositary share will be exchanged for 0.9844 shares, which is equal to $13.00 divided by $13.2056, the relevant price.
The relevant price is the arithmetic average of the volume-weighted average price of Zions' common stock during the five consecutive trading days ending on the second trading day immediately preceding the expiration date.
If the relevant price had been less than $10.40, then 1.25 shares would have been issued for each depositary share accepted in the offer.
Zions will also pay cash for accrued dividends up to but excluding the settlement date.
The exchange offer will expire at 11:59 p.m. ET on Dec. 21.
The company said the exchange offer will increase its tangible common equity by an amount approximately equal to the liquidation preference of the depositary shares exchanged.
Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are acting as Zions' financial advisers in connection with the offer, and the information agent is D.F. King & Co., Inc. (800 901-0068 or 212 269-5550).
Zions is a financial services company based in Salt Lake City.
© 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.