Press release
ZIONS BANCORPORATION PRICES PUBLIC OFFERING OF SUBORDINATED NOTES AND ANNOUNCES ADDITIONAL CAPITAL ACTIONS
SALT LAKE CITY, Nov. 14, 2024 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that it successfully priced $500,000,000 of
About this update from Zions Bancorporation N.a.
[{"type":"text","content":"SALT LAKE CITY, Nov. 14, 2024 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that it successfully priced $500,000,000 of Fixed-to-Floating Rate Subordinated Notes (CUSIP: 98971DAC4) due November 19, 2035 in a public transaction exempt from registration under Section 3(a)(2) of the Securities Act of 1933, as amended. The offering is expected to settle on November 19, 2024, subject to customary closing conditions.\n\n \n \n \n \n \n \n\n \nThe interest rate for the fixed rate period, which runs from, and including, the settlement date to, but excluding, November 19, 2034, is equal to 6.816%. The interest rate for the floating rate period, which begins on November 19, 2034, will be equal to Compounded SOFR plus a spread of 2.830%. J.P. Morgan Securities LLC and RBC Capital Markets, LLC served as book runners for the offering.\nZions intends to use the net cash proceeds from this offering to reduce short term-borrowings and for the partial or full redemption of outstanding shares of preferred stock or depositary shares representing shares of preferred stock and redemptions of other outstanding securities, including other subordinated debt. This press release does not constitute a notice of redemption with respect to any outstanding series of Zions' preferred stock or depositary shares representing shares of preferred stock or subordinated debt nor an obligation to issue a notice of redemption for any outstanding series of Zions preferred stock or depositary shares representing shares of preferred stock or subordinated debt. Any such notice, if given, will only be given in accordance with the provisions of such outstanding series of preferred stock or depositary shares representing shares of preferred stock or subordinated debt, as applicable.\nAdditionally, the Zions board of directors has authorized the following capital actions:\nFull redemption of its Series G Preferred Stock (CUSIP: 989701859) at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends;Full redemption of its Series I Preferred Stock (CUSIP: 989701BD8) at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends;Full redemption of its Series J ...