Zions Bancorporation Announces Successful Completion of $126.2 Million of
Non-Cumulative Perpetual Preferred Stock Offering
SALT LAKE CITY, April 29, 2013
SALT LAKE CITY, April 29, 2013 /PRNewswire/ -- Zions Bancorporation ("Zions"
or the "Company") (Nasdaq: ZION) announced today that it successfully priced
its offering of 5,048,846 depositary shares ($126,221,150 aggregate
liquidation preference) each representing a 1/40th interest in a share of
Series H fixed rate non-cumulative perpetual preferred stock in an
underwritten public transaction. The dividend rate was determined through an
online modified Dutch auction process administered by Zions Direct, Inc.
("Zions Direct"). The public offering price of each depositary share is equal
to the liquidation preference per depositary share, or $25.00. The dividend
rate is 5.75%. Of the 5,048,846 depositary shares to be sold in this
offering, 4,000,000 depositary shares ($100,000,000 aggregate liquiditation
preference) were sold pursuant to the auction, and 1,048,846 depositary shares
($26,221,150 aggregate liquidation preference) were sold outside of the
auction. Net of commissions and fees, the proceeds to the Company are expected
to be approximately $123.1 million.
Zions intends to use the net cash proceeds from this offering for general
corporate purposes, which may include the redemption of certain securities.
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Keefe, Bruyette & Woods,
Inc., Macquarie Capital (USA) Inc. and Zions Direct served as underwriters and
joint book-running managers for the offering. Zions Direct served as the
auction service provider.
Zions is one of the nation's premier financial services companies, consisting
of a collection of great banks in select Western U.S. markets. Zions operates
its banking businesses under local management teams and community identities
through nearly 500 offices in 10 Western and Southwestern states: Arizona,
California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and
Washington. The company is a national leader in Small Business Administration
lending and public finance advisory services. In addition, Zions is included
in the S&P 500 and NASDAQ Financial 100 indices.
The depositary shares will be issued pursuant to Zions' Registration Statement
on Form S-3 (No. 333-173299) previously filed by Zions with the Securities and
Exchange Commission (the "Commission"). The Registration Statement is
effective. Copies of the applicable prospectus supplement and accompanying
prospectus relating to the offering may be obtained when available by
contacting Deutsche Bank Securities Inc., Attention: Prospectus Department,
Harborside Financial Center, 100 Plaza One, Floor 2, Jersey City, New Jersey
07311-3988, telephone toll-free: 1-800-503-4611 or by email:
firstname.lastname@example.org, Goldman, Sachs & Co., Prospectus Department, 200 West
Street, New York, New York 10282, telephone toll-free: 1-866-471-2526,
facsimile: 212-902-9316 or by email: email@example.com, Keefe,
Bruyette & Woods, Inc., 787 Seventh Avenue, 4^th Floor, New York, NY 10019,
Attention: Capital Markets or telephone: 1-800-966-1559, Macquarie Capital
(USA) Inc., 125 West 55th Street, New York, NY 10019, Attention: Prospectus
Department, by email: firstname.lastname@example.org or by telephone:
1-888‐268‐3937, or by visiting Zions Direct's auction website at
www.zionsdirect.com, or by visiting EDGAR on the Commission's website at
This press release is for informational purposes only and does not constitute
an offer to sell or the solicitation of an offer to buy preferred stock or
depositary shares of Zions or any other securities and shall not constitute an
offer, solicitation or sale of any securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
This press release contains statements that relate to the projected or modeled
performance or condition of Zions and elements of or affecting such
performance or condition, including statements with respect to forecasts,
opportunities, models, illustrations, scenarios, beliefs, plans, objectives,
goals, guidance, expectations, anticipations or estimates, and similar
matters. These statements constitute forward-looking information within the
meaning of the Private Securities Litigation Reform Act. Actual facts,
determinations, results or achievements may differ materially from the
statements provided in this presentation since such statements involve
significant known and unknown risks and uncertainties. Factors that might
cause such differences include, but are not limited to: competitive pressures
among financial institutions; economic, market and business conditions, either
nationally, internationally, or locally in areas in which Zions conducts its
operations, being less favorable than expected; changes in the interest rate
environment reducing expected interest margins; changes in debt, equity and
securities markets; adverse legislation or regulatory changes and/or
determinations; and other factors described in Zions' most recent annual and
quarterly reports. In addition, the statements contained in this presentation
are based on facts and circumstances as understood by management of the
company on the date of this press release, which may change in the future.
Except as required by law, Zions disclaims any obligation to update any
statements or to publicly announce the result of any revisions to any of the
forwardlooking statements included herein to reflect future events,
developments, determinations or understandings.
SOURCE Zions Bancorporation
Contact: James Abbott, Tel: (801) 844-7637
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