Zions Bank plans sale of perpetual preferred stock at $25 per share

By Andrea Heisinger

New York, June 8 - Zions Bancorporation is planning a sale of fixed-rate resettable non-cumulative preferred stock priced at $25 per share, according to a 424B3 filing with the Securities and Exchange Commission.

A source away from the sale said that the preferreds had not priced as of late afternoon.

The notes (/B/BB+) are non-callable before June 15, 2012. They can be redeemed starting on that date and on every second anniversary afterward.

Bookrunners are Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Macquarie Capital and Zions Direct Inc.

Jefferies & Co., BB&T Capital Markets, D.A. Davidson & Co., FBR Capital Markets and Morgan Keegan & Co. Inc. are the co-managers.

Proceeds are being used for general corporate purposes and may be invested in interest-bearing investment-grade securities in the short term.

The financial holding company is based in Salt Lake City.

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