Zions Bancorporation, National Association ("Zions" or "the Company") (NASDAQ: ZION), today announced that the previously announced 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") expired at 5:00 p.m., New York City time, on June 22, 2020 (the "Expiration Time"). As of the Expiration Time, (1) $218,577,000 aggregate principal amount of the 2021 Notes (43.72%) were validly tendered and (2) $175,015,000 aggregate principal amount of the 2022 Notes (35.00%) were validly tendered. Zions had previously repurchased an additional $35,170,000 in principal amount of 2022 Notes, resulting in a total reduction in aggregate principal amount of $210,185,000 (42.04%). There were no Notes subject to guaranteed delivery procedures. Zions expects to accept for payment all Notes validly tendered and not validly withdrawn in the tender offer and expects to make payment for the Notes on June 25, 2020. Pursuant to the terms of the tender offer, Notes not tendered in the tender offer will remain outstanding.
J.P. Morgan Securities LLC acted as lead dealer manager. Persons with questions regarding the tender offer should contact J.P. Morgan Securities LLC at (212) 834-4087 (collect) or (866) 834-4666 (toll-free), or the information agent and tender agent, Global Bondholder Services Corporation, at (866) 470-3800 (toll-free) or, for banks and brokers, at (212) 430-3774.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Zions Bancorporation is one of the nation’s premier financial services companies with annual net revenue of $2.8 billion in 2019 and more than $70 billion of total assets. Zions operates under local management teams and unique brands in 11 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The Company is a consistent recipient of national and statewide customer survey awards in small and middle-market banking, as well as 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.
Forward Looking Statements
This press release includes forward-looking statements. Statements in the press release that are based on other than historical information or that express Zions’s expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect, among other things, the current expectations of Zions, all of which are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Without limiting the foregoing, the words "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "projects," "should," "would," "targets," "will" and the negative thereof and similar words and expressions are intended to identify forward-looking statements. All statements contained in this press release, other than statements of historical fact, including without limitation, statements about our plans, strategies, prospects and expectations regarding future events and our financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and our actual results may differ materially. These risks, as well as other factors, are discussed in Item 1A, "Risk Factors," of Zions’s most recent Annual Report on Form 10-K for the year ended December 31, 2019 and Zions’s most recent quarterly report on Form 10-Q for the quarter ended March 31, 2020, both of which were filed with the Securities and Exchange Commission ("SEC") and available at the SEC’s Internet site (http://www.sec.gov).
Except as required by law, Zions specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
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