Zions Bancorporation in $162 Million Subordinated Debt Auction

November 5, 2013

Cleary Gottlieb represented Deutsche Bank Securities, Goldman Sachs and Bank of America Merrill Lynch, as representatives of the underwriters in a registered public offering by Zions Bancorporation of $162 million of its 5.65% fixed-to-floating rate subordinated notes due 2023. The offering was executed using an online modified Dutch auction process that established the interest rate by allowing investors to submit bids at specified increments above a minimum interest rate specified for the auction. The transaction priced on October 31 and closed on November 5.

Cleary Gottlieb has acted as counsel on behalf of the underwriters for various offerings by Zions Bancorporation since September 2008.

Zions Bancorporation is a financial holding company organized under the laws of the State of Utah, and registered under the Bank Holding Company Act of 1956, as amended. It is one of the nation’s premier financial services companies and operates approximately 475 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington.