By Andrea Heisinger
New York, June 10 - Zions Bancorporation sold an upsized $300 million of 4.5% 10-year senior notes (/BBB-/BBB-) on Monday at a spread of 232 basis points over Treasuries, a market source said.
The notes were sold tight to talk in the 235 bps area, the source said. The size was increased from $250 million.
Pricing was at 99.721 to yield 4.535%.
There will be a make-whole call at 35 bps over Treasuries until May 11, 2023 and a par call after that date.
Active bookrunners were Deutsche Bank Securities Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC. Passive bookrunners were Macquarie Capital (USA) Inc. and Zions Direct Inc.
Proceeds will be used for general corporate purposes, including the redemption or repurchase of securities.
The financial holding company is based in Salt Lake City.
| Issuer: | Zions Bancorporation
|
| Issue: | Senior notes
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | June 13, 2023
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC (active), Macquarie Capital (USA) Inc., Zions Direct Inc. (passive)
|
| Coupon: | 4.5%
|
| Price: | 99.721
|
| Yield: | 4.535%
|
| Spread: | Treasuries plus 232 bps
|
| Call: | Make-whole at Treasuries plus 35 bps until May 11, 2023, par call after
|
| Trade date: | June 10
|
| Settlement date: | June 13
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | 235 bps area
|
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