Zions Bancorporation Announces Successful Auction of Nearly $67 Million of Senior Notes
Published March 18th, 2008
SALT LAKE CITY - Zions Bancorporation announced today that it successfully sold via an online auction $66,688,000 of one-year senior notes with a 5.00% coupon. Using the online platform at auctions.zionsdirect.com, a Web site owned and operated by Zions Direct, $2,000,000 in notes were sold to institutions and individuals participating in the auction. In addition, $64,688,000 of notes were sold using the auction’s “Buy Today” feature. Buy Today allows investors to purchase notes at par without having to compete in the auctions’ bidding process.
“We are pleased with the results of this online auction of senior notes,” said W. David Hemingway, executive vice president at Zions. “This provides further support for the idea that pricing and distributing securities using an online auction method can be very effective.”
Since June 2006, Zions Direct has held over 300 auctions and sold over $345 million of certificates of deposit and over $65 million in securities using its online process. The auction platform is also used to price Zions’ innovative employee stock option valuation instrument, ESOARS. Zions Direct is a non-bank subsidiary of Zions First National Bank, which is a subsidiary of Zions Bancorporation.
Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through more than 500 offices in 10 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at http://www.zionsbancorporation.com.
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