SALT LAKE CITY, May 5 /PRNewswire-FirstCall/ -- Zions Bancorporation
(Nasdaq: ZION) ("Zions") today priced $300 million in 10-year subordinated
notes.
The issuance was priced with a 5.65 percent coupon. The issue is due on
May 15, 2014, and was priced at 99.870 percent to provide a yield to maturity
of 5.667 percent.
Zions expects to use the net proceeds from the offering to repay
outstanding indebtedness and for other general corporate purposes.
Goldman, Sachs & Co. is the lead underwriter for the offering, and Bear,
Stearns & Co. Inc., Keefe, Bruyette & Woods, Inc., RBC Capital Markets
Corporation and Zions Investment Securities, Inc. are acting as co-managers
for the offering.
A shelf registration statement relating to this offering was originally
filed with the Securities and Exchange Commission on August 7, 2003, and has
since been declared effective. This offering will be made pursuant to a
prospectus supplement and the prospectus included in the shelf registration
statement.
Copies of the prospectus supplement, when available, may be obtained from
Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, New
York 10004, telephone (212) 902-1171.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction.
About Zions Bancorporation
Zions Bancorporation is a multi-bank holding company that operates
approximately 400 full-service banking offices in Arizona, California,
Colorado, Idaho, Nevada, New Mexico, Utah and Washington.
Forward-Looking Information
This news release contains statements regarding expectations, use of
proceeds and similar matters that constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
operations, performance and development of our business involve significant
known and unknown risks and uncertainties that may cause actual results to
differ materially from those contained in or suggested by the forward-looking
statements in this news release. These risks and uncertainties include, but
are not limited to: competitive product and pricing pressures within Zions'
markets; economic conditions, either nationally or locally, in areas in which
Zions conducts operations being less favorable than expected; equity and
fixed-income market fluctuations; changes in law; and changes in fiscal,
monetary, regulatory, trade and tax policies and laws. Zions disclaims any
obligation to update such factors or to publicly announce the results of any
revisions to any of the forward-looking statements included herein to reflect
future events or developments.
SOURCE Zions Bancorporation
-0- 05/05/2004
/CONTACT: Clark Hinckley of Zions Bancorporation, +1-801-524-4787/
/Web site: http://www.zionsbancorporation.com /
(ZION)
CO: Zions Bancorporation; Goldman, Sachs & Co.
ST: Utah
IN: FIN
SU: OFR
ES
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6735 05/05/200419:51 EDThttp://www.prnewswire.com