Zions Bancorporation successfully priced $500,000,000 of Fixed-to-Floating Rate Subordinated Notes. These notes are scheduled to mature on November 19, 2035, representing a long-term debt issuance for the company.
The public offering is exempt from registration under Section 3(a)(2) of the Securities Act of 1933, as amended. Settlement for the offering is expected to occur on November 19, 2024, subject to customary closing conditions.
This debt issuance is part of the company's capital management strategy, with the new subordinated notes expected to be lower-cost funding. The issuance is anticipated to positively impact future earnings per share by optimizing the bank's capital structure.
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