Zions Bancorporation Announces Pricing of Pending Any and All Tender Offer

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Sep 23, 2014, 03:05 ET

SALT LAKE CITY, Sept. 23, 2014 /PRNewswire/ -- Zions Bancorporation ("Zions" or the "Company") (Nasdaq: ZION) announced today the total consideration payable in connection with its previously announced tender offer (the "Any and All Tender Offer"), which commenced on September 15, 2014, to purchase any and all of its outstanding 4.50% Senior Notes due March 27, 2017 (the "Any and All Notes"). The Any and All Tender Offer will expire today, September 23, 2014, at 5:00 p.m., New York City time, unless extended (the "Any and All Expiration Time"). The Any and All Tender Offer is being made solely pursuant to the offer to purchase dated September 15, 2014 and the related letter of transmittal (the "Offer Documents").

The table below sets forth the Total Consideration for the Any and All Notes. The reference yields listed in the table below are based on the bid-side price of the reference security listed in the table below at 2:00 p.m., New York City time, today, as described in the Offer Documents

CUSIP Number

Title of Security

Principal Amount Outstanding

Bloomberg Reference Page

Reference Security

Reference Yield

Fixed Spread

Total Consideration (1)

989701BB2

4.50% Senior Notes due March 27, 2017

$400,000,000

FIT1

1% due September 15, 2017

1.048%

+57 bps

$1,070.56

(1)

Per $1,000 principal amount of Any and All Notes accepted for purchase.

Holders of Any and All Notes must validly tender and not validly withdraw their Any and All Notes at or prior to the Any and All Expiration Time to be eligible to receive the Total Consideration. Withdrawal rights for the Any and All Tender Offer will expire at the Any and All Expiration Time. Holders will also receive accrued and unpaid interest on Any and All Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the date Zions makes payment for such Any and All Notes, which date is anticipated to be September 24, 2014.

In addition to the Any and All Tender Offer, Zions previously announced its pending tender offer (the "Waterfall Tender Offer" and together with the Any and All Tender Offer, the "Offers") to purchase up to a maximum tender amount of two series of notes specified in the Offer Documents. Zions refers holders to the Offer Documents for the complete terms of the Offers.

Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are acting as dealer managers for the Offers. For additional information regarding the terms of the Offer, please contact: Deutsche Bank Securities at (866) 627-0391 (toll-free) or (212) 250-2955 (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 Offers, at (866) 470-3800 (toll- free).

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE NOTES. THE OFFERS ARE BEING MADE SOLELY PURSUANT TO THE OFFER DOCUMENTS, WHICH SET FORTH THE COMPLETE TERMS OF THE OFFERS 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 OFFERS WILL BE DEEMED TO BE MADE ON BEHALF OF ZIONS BY 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 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 in 11 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming.