Zions Seeks to Raise $200 Million by Wednesday

Zions Bancorp. (ZION) will auction off up to $200 million of senior notes this week to repay its federal aid or other debts.

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The Salt Lake City company said Monday that it could use the funds to redeem the remaining preferred stock held by the Treasury Department through the Troubled Asset Relief Program or to redeem its senior floating rate notes due later this month. The auction will be begin Tuesday and is expected to close on Wednesday.

Zions, which has assets of $52.3 billion, raised roughly $100 million in April in a senior note auction for general purposes, including possible Tarp repayment. Harris Simmons, Zions chief executive and chairman, reiterated at the bank's annual meeting in May that it plans to repay the $700 million it still owes Tarp this year.


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