Zions tenders for up to $250 million of four series of notes due 2015

By Jennifer Chiou

New York, Nov. 6 - Zions Bancorporation announced the start of separate cash tender offers for up to an overall $250 million of subordinated notes.

The company is tendering for up to $115 million of its $194,292,000 of outstanding 6% subordinated convertible notes due Sept. 15, 2015, up to $10 million of its $42,303,000 of outstanding 6% subordinated notes due Sept. 15, 2015, up to $115 million of its $186,595,000 of outstanding 5.5% subordinated convertible notes due Nov. 16, 2015 and up to $10 million of its $62,078,000 of outstanding 5.5% subordinated notes due Nov. 16, 2015.

The purchase price per $1,000 principal amount will be $1,087.50 for the 6% notes series and $1,085 for the 5.5% notes series. Holders will also receive accrued interest.

The offers will end at 11:59 p.m. ET on Dec. 5.

Settlement is anticipated for Dec. 6.

Deutsche Bank Securities Inc. (855 287-1922 or call collect 212 250-7527) and Goldman, Sachs & Co. (800 828-3182 or call collect 212 902-5183) are the dealer managers.

Global Bondholder Services Corp. is the depositary and information agent (866 470-4500).

Zions is a Salt Lake City-based bank.

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