Zions Bancorp Will Auction $200M Non-Cumulative Perpetual Preferred Stock
Zions Bancorporation (NASDAQ: ZION) ("Zions" or "the Company") today announced its plans to offer 8,000,000 depositary shares each representing a 1/40th interest in a share of Series G fixed/floating rate non-cumulative perpetual preferred stock pursuant to a previously filed prospectus supplement to its prospectus dated April 4, 2011. The public offering price of each depositary share will be equal to the liquidation preference per depositary share, or $25.00. The dividend rate and the allocation of the depositary shares in this offering will be determined by an online auction process facilitated by Zions Direct, Inc. ("Zions Direct"), as auction service provider. Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Zions Direct are serving as underwriters and joint book-running managers for the offering.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.