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Zions buys $175.7 million series I preferreds in oversubscribed offer
By Susanna Moon
Chicago, Nov. 17 – Zions Bancorporation announced the results of the tender offer for its series I, series J and series G fixed/floating-rate non-cumulative perpetual preferred stock.
Investors had tendered $212,409,000 of the series I preferreds, and the company accepted for purchase $175,669,000 of the preferreds using a proration factor of 82.7% for a total purchase price of $179,999,240.85, according to a company press release.
The total purchase price is $1,024.65 per $1,000 liquidation preference of the series I preferreds, including accrued dividends.
Holders also tendered $81,417,000 of the series J preferreds and $60,910,775 of the series G preferreds, and none of those preferreds were accepted for purchase.
After settlement on Nov. 18, there will be $125,224,000 of the series I preferreds outstanding.
The offer ran until 11:59 p.m. ET on Nov. 16.
The company said on Oct. 19 that it would spend no more than $180 million on the offer for the aggregate purchase price and accrued dividends.
The liquidation preference outstanding when the offer began was $300,893,000 for the series I preferreds, $195,152,000 for the series J preferreds and $171,826,775 for the series G preferreds, with the preferreds listed in order of priority acceptance level.
The company was offering $1,000 per $1,000 liquidation preference for the series I preferreds, $1,090 per $1,000 liquidation preference for the series J preferreds and $26.10 per $25.00 depositary share representing the series G preferreds.
The dealer managers are Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) and Goldman Sachs & Co. (800 828-3182 or 212 357-1039). The tender agent and information agent is Global Bondholder Services Corp. (866 470-4500).
Zions is a financial services company based in Salt Lake City.
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