By Andrea Heisinger
New York, March 22 - Zions Bancorporation sold $300 million of 4.5% five-year senior notes on Thursday at 94.25, according to an FWP filing with the Securities and Exchange Commission.
The notes (/BBB-/BBB-) were priced to yield 5.843%.
Bookrunners were Deutsche Bank Securities Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC. Zions Direct, Inc. was auction agent.
The price was set using an internet-based modified Dutch auction administered by Zions Direct, Inc.
Zions will use the proceeds for general corporate purposes, which may include the partial redemption of its series D Preferred Stock held by the U.S. Treasury or the redemption of its senior floating-rate notes due June 21, 2012.
The notes have an original issue discount under federal income tax rules.
The financial holding company is based in Salt Lake City.
| Issuer: | Zions Bancorporation
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity | : | March 27, 2017
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Coupon: | 4.5%
|
| Price: | 94.25
|
| Yield: | 5.843%
|
| Trade date: | March 22
|
| Settlement date: | March 27
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| DBRS: BBB
|
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