Zions Bancorporation Announces Pricing, Early Participation Results, Upsizing
and Notes Acceptance of Senior Notes Tender Offer
SALT LAKE CITY, June 14, 2013
SALT LAKE CITY, June 14, 2013 /PRNewswire/ --Zions Bancorporation ("Zions" or
the "Company") (Nasdaq: ZION) announced today the determination of the
clearing price and total consideration, as shown in the table below, for its
previously announced offer to purchase up to $150,000,000 (as may be
increased, the "Tender Cap") aggregate principal amount of Zions' 7.75% Senior
Notes due September 23, 2014 (the "Notes"). Zions also announced that it has
increased the Tender Cap from $150,000,000 to $257,615,000. Except as
described in this press release, all other terms of the offer as described in
the Offer Documents (as defined below) remain unchanged.
On May 31, 2013, the Company commenced the offer to purchase Notes in
accordance with the terms and conditions set forth in the Offer to Purchase
and the related Letter of Transmittal, both dated May 31, 2013 (together, the
"Offer Documents"), sent to holders of the Notes.
Title of Principal Amount Clearing Early Total
CUSIP Amount Price Tender Consideration
Security Number Outstanding Tendered as (2) Premium (2)(3)
of the Early (2)
Notes due 989701AX5 $499,900,000 $257,615,000 $1,089 $30 $1,089
(1) As of 5:00 p.m., New York City time, on June 13, 2013.
(2) Per $1,000 principal amount of Notes accepted for purchase.
(3) Includes the early tender premium of $30 per $1,000 principal amount of
Notes (the "Early Tender Premium").
As of 5:00 p.m., New York City time, on June 13, 2013 (the "Early Tender
Time"), holders of the Notes validly tendered $257,615,000 aggregate principal
amount of Notes. The Company will accept for purchase all Notes validly
tendered and not validly withdrawn prior to the Early Tender Time. Because the
Tender Cap has been achieved, the Company will accept no further tenders
unless it elects to further increase the Tender Cap. The Company expects to
cause early settlement on June 18, 2013 of Notes accepted for purchase.
Holders of the Notes accepted for purchase will receive the total
consideration of $1,089 per $1,000 principal amount of Notes, which includes
the Early Tender Premium. In addition, holders whose Notes are purchased in
the Offer will also be paid accrued and unpaid interest from the most recent
interest payment date on the Notes to, but not including, the applicable
The deadline to validly withdraw tenders, which was not extended, was 5:00
p.m., New York City time, on June 13, 2013, and no withdrawal rights shall
exist for tenders submitted after the Early Tender Time, except in certain
limited circumstances where additional withdrawal rights are required by law
(as determined by the Company). The offer will expire at 11:59 p.m., New York
City time, on June 27, 2013, unless extended or earlier terminated by the
The offer is subject to the satisfaction or waiver by the Company of certain
conditions, as specified in the Offer Documents.
Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are acting as dealer
managers for the Offer. For additional information regarding the terms of the
Offer, please contact: Deutsche Bank Securities at (855) 287-1922 (toll-free)
or (212) 250-7527 (collect) or Goldman, Sachs & Co. at (800) 828-3182
(toll-free) or (212) 902-5183 (collect). Requests for the Offer Documents may
be directed to Global Bondholder Services Corporation, which is acting as the
Depositary and Information Agent for the Offer, at (866) 387-1500 (toll-
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR
SOLICITATION TO PURCHASE NOTES. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE
OFFER DOCUMENTS, WHICH SET FORTH THE COMPLETE TERMS OF THE OFFER THAT HOLDERS
OF THE NOTES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER DOCUMENTS DO NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE
NOTES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM,
IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES
OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR
OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE
OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF ZIONS BY ONE OR MORE OF THE
DEALER MANAGERS, IF ANY OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS
UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKERS OR
DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
About Zions Bancorporation
Zions Bancorporation is one of the nation's premier financial services
companies, consisting of a collection of great banks in select Western U.S.
markets with combined total assets exceeding $50 billion. Zions operates its
banking businesses under local management teams and community identities 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 and is a consistent recipient of numerous Greenwich Excellence awards
in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial
100 indices. Investor information and links to subsidiary banks can be
accessed at www.zionsbancorporation.com.
SOURCE Zions Bancorporation
Contact: James Abbott, Tel: (801) 844-7637
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