Zions Bancorp. (ZION) in Salt Lake City plans to auction up to $250 million of debt through its online broker-dealer subsidiary.
The $54 billion-asset company plans to sell between $75 million and $250 million of subordinated notes through an online auction beginning Wednesday and closing Thursday, the company announced. Investors will be able to place bids of between 6.5% and 7% on the interest rates, Zions said.
The online auction will take place through Zions Direct, and its underwriters will be Deutsche Bank (DB), Goldman Sachs (GS), Merrill Lynch, Pierce, Fenner & Smith and Macquarie, Zions said.
Zions plans to use the money for general corporate purposes, including the redemption of securities.