Zions Bancorporation Announces Successful Completion Of Consent Solicitation

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Sep 26, 2018, 07:17 ET

SALT LAKE CITY, Sept. 26, 2018 /PRNewswire/ -- Zions Bancorporation ("Zions" or "the Company" andNASDAQ: ZION) announced today that it has successfully completed its previously announced solicitation of consent (the "Consent Solicitation") of holders ("Holders") of its 4.50% Senior Notes due June 13, 2023 (CUSIP No.: 989701 BE6; ISIN US989701 BE66) (the "Notes") to obtain a one-time waiver (the "Waiver") in relation to certain covenants in the indenture governing the Notes (specifically, the covenants set forth in Sections 1009 and 1010 of the indenture dated September 10, 2002, as supplemented by the first supplemental indenture, dated April 21, 2014), upon the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated September 17, 2018. Zions received (and accepts) consents from Holders of at least 66 2/3% in aggregate principal amount of the Notes outstanding (disregarding Notes that are held by Zions) as of 5:00 p.m., New York City time, on September 25, 2018 (the expiration date of the Consent Solicitation), constituting the requisite consents for adoption of the Waiver.

The consents were solicited to obtain a one-time waiver with respect to Zions' previously announced merger, and related transactions, whereby Zions will merge with and into its wholly-owned subsidiary, ZB, N.A. (the "Bank"), with the Bank continuing as the surviving entity.

On or about September 26, 2018, Zions will pay, or cause to be paid, to each Holder that delivered valid and unrevoked consents, a consent fee of $2.50 per $1,000 principal amount of Notes held by such consenting Holder. With this consideration the Waiver is effective and consents may not be revoked.

Zions engaged TD Securities (USA) LLC to act as solicitation agent in connection with the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to TD Securities (USA) LLC by calling (212) 827-2833 or by email at [email protected].

Zions engaged Global Bondholder Services Corporation as information and tabulation agent in connection with the Consent Solicitation.Global Bondholder Services Corporation can be reached by calling (212) 430-3774 (collect) or (866) 794-2200 (toll free) or by email at [email protected].

Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $65 billion. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The company is a national leader in Small Business Administration lending and public finance advisory services, and is a consistent top recipient of Greenwich Excellence awards in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.