Zions Bancorporation, National Association Announces Commencement of Tender Offers for its 3.500% Senior Notes Due August 2021 and its 3.350% Senior Notes Due March 2022
SALT LAKE CITY, UT (STL.News) Zions Bancorporation, National Association (“Zions” or “the Company”) (NASDAQ: ZION), today announced that it has commenced cash tender offers to purchase any and all of its 3.500% Senior Notes due 2021 (the “2021 Notes”) and any and all of its 3.350% Senior Notes due 2022 (the “2022 Notes” and together with the 2021 Notes, the “Notes”). As of June 16, 2020, Zions had $500 million aggregate principal amount of the 2021 Notes outstanding and $500 million aggregate principal amount of the 2022 Notes outstanding. The tender offers are being made pursuant to an offer to purchase, dated as of June 16, 2020, and a notice of guaranteed delivery. The tender offers will expire at 5:00 p.m., New York City time, on June 22, 2020, unless extended or earlier terminated as described in the offer to purchase (such time and date, as they may be extended, the “Expiration Time”).
Holders of the Notes who validly tender (and do not validly withdraw) their Notes prior to the Expiration Time, or who deliver to the tender agent and information agent a properly completed and duly executed notice of guaranteed delivery in accordance with the instructions described in the offer to purchase, will be eligible to receive total cash consideration of $1,025.00 per $1,000 principal amount of 2021 Notes and total cash consideration of $1,030.00 per $1,000 principal amount of 2022 Notes, in each case plus any accrued and unpaid interest from the last interest payment date up to, but not including, the settlement date, which is expected to occur on June 25, 2020 (the third business day after the Expiration Time). Tendered Notes may be withdrawn at any time at or prior to the Expiration Time. Zions reserves the right to terminate, withdraw or amend the tender offers at any time, subject to applicable law.
The tender offers are subject to the satisfaction or waiver of certain conditions. The tender offers are not conditioned on any minimum amount of Notes being tendered.
The tender offers are being made pursuant to the terms and conditions contained in the offer to purchase and related notice of guaranteed delivery, copies of which may be obtained from Global Bondholder Services Corporation, the information agent for the offers, by telephone at (866) 470-3800 (toll-free), or for banks and brokers, at (212 430-3774) (Banks and Brokers only) or at the following web address: https://www.gbsc-usa.com/zions/.
Persons with questions regarding the tender offers should contact the lead dealer manager: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Liability Management Group, Collect: (212) 834-4087, Toll-Free by telephone at (866) 834-4666.
None of Zions, the lead dealer manager, the tender agent, the information agent or the issuing and paying agent for the Notes, or any of their respective affiliates, is making any recommendation as to whether holders should tender any Notes in response to the tender offers. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender.
This announcement is not an offer to purchase or a solicitation of an offer to sell any securities. The tender offers are being made solely by means of the offer to purchase and the related notice of guaranteed delivery.
NOTE: this is NOT the complete release.