Zions Bank begins tender offer for $150 million 7.75% notes due 2014

By Toni Weeks

San Luis Obispo, Calif., May 31 - Zions Bancorporation began a cash tender offer for $150 million of its $499.9 million of 7.75% senior notes due Sept. 23, 2014.

The purchase price will be determined by a modified Dutch auction, according to a press release. The total consideration will be based on an acceptable bid price range of $1,080 to $1,089 per $1,000 of notes.

Notes tendered by 5 p.m. ET on June 13 will receive the total consideration, which will include a $30.00 early tender premium. Only notes tendered by the early tender time at bid prices within the acceptable range will be used for purpose of calculating the clearing price. No tenders outside of the stated range will be accepted.

Holders who tender after the early tender date but by the expiration for the offer, 11:59 p.m. ET on June 27, will not receive the early tender premium.

Holders will also received accrued interest from the most recent interest payment date up to but not including the applicable settlement date. The early settlement date is expected to occur on the third business day following the early tender deadline.

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 for the offer. Global Bondholders Services Corp. (866 387-1500) is the depositary and information agent.

Zions is a Salt Lake City-based financial institution.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.