Zions marks conversion of $116.6 million convertibles into preferreds

By Angela McDaniels

Tacoma, Wash., July 19 - Zions Bancorp. said that $116.6 million of its convertible subordinated debt was converted into 116,624 shares of series C preferred stock on May 17.

The accelerated discount amortization on the converted debt increased interest expense by a pretax amount of $60.5 million, according to the company's earnings release for the second quarter.

In addition, $8.6 million of series A preferreds was exchanged for 224,903 common shares on June 25 at the fair value on that date of $23.82 per share.

Zions is a financial services company based in Salt Lake City.

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