Zions Bancorporation Announces Pricing of $500M Senior Notes
Zions Bancorporation (NASDAQ: ZION) has priced a $500 million offering of senior notes due in October 2029. The fixed-to-floating rate debt carries an initial interest rate of 5.239% until October 1, 2028, after which it will be based on Compounded SOFR plus a spread of 1.08%. Goldman Sachs & Co., J.P. Morgan Securities, and RBC Capital Markets acted as bookrunners for the offering. The company plans to use proceeds from this issuance to reduce short-term borrowings. Zions also executed a receive-fixed fair value hedge during the fixed rate period, effectively converting interest expense into a floating rate and mitigating exposure to interest rate fluctuations. The notes are expected to settle on July 31, subject to customary conditions. Zions Bancorporation is one of the largest financial services firms in the U.S., with $89 billion in assets as of December 2025.
Tickers: $ZION
Topics: bond issuance fixed-to-floating rate notes interest rates SOFR