Zions Bancorp (ZION) in Salt Lake City has raised $162 million in an auction of subordinated debt.

The $55.5 billion-asset company sold five-year notes on which it pays 5.65% and five-year notes at the three-month Libor spread plus 4.19%, it announced Friday. It plans to use the money for general corporate purposes, possibly including debt redemptions.

The auction was conducted through Zions Direct, the company's online broker-dealer, and Deutsche Bank (DB) Goldman Sachs (GS), Merrill Lynch, Pierce, Fenner & Smith and Macquarie Capital were the underwriters.

In the third quarter Zions redeemed $800 million of preferred stock. It has held several other debt auctions this year through Zions Direct.

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