Zions Biocorporation (ZION) said late Thursday it priced $500 million of fixed-to-floating rate subordinated notes due Nov. 19, 2035.
Proceeds from the offering, which is expected to settle on Nov. 19, would help reduce short-term debt and redeem preferred shares and other securities.
The company said the interest rate that runs from, and includes, the settlement date to, but excludes Nov. 19, 2034, is equal to 6.816%, after which it switches to compounded SOFR plus 2.83%.
Price: 58.88, Change: -0.72, Percent Change: -1.21
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