Zions Bancorporation in $87.9 Million Subordinated Debt Auction

September 17, 2013

Cleary Gottlieb represented Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the underwriters in a registered public offering by Zions Bancorporation of $87,890,550 of its fixed-to-floating rate subordinated notes. This 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. This transaction priced on September 12 and closed on September 17.

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

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.