[May 22, 2013] Zions Bancorporation Finalizes Non-Cumulative Perpetual Preferred Stock Offering Tweet May 22, 2013 (Close-Up Media via COMTEX) -- Zions Bancorporation announced that it successfully priced its offering of 300,893 shares ($300,893,000 aggregate liquidation preference) of Series I fixed/floating rate non-cumulative perpetual preferred stock in an underwritten public transaction. In a release on May 17, the Company noted that the dividend rate was determined through an online modified Dutch auction process administered by Zions Direct, Inc. The public offering price of each share is equal to the liquidation preference per share, or $1,000.00. The dividend rate for the fixed rate period, which runs from the issuance date to, but not including, June 15, 2023, is 5.80 percent. The dividend rate for the floating rate period, which begins on June 15, 2023, will be equal to three-month LIBOR plus a spread of 3.80 percent. Of the 300,893 shares to be sold in this offering, 250,000 shares ($250,000,000 aggregate liquidation preference) were sold pursuant to the auction, and 50,893 shares ($50,893,000 aggregate liquidation preference) were sold outside of the auction. Net of commissions and fees, the proceeds to the Company are expected to be approximately $295.6 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 a financial services company, consisting of a collection of banks in select Western U.S. markets. More information: www.zionsdirect.com ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]