Zions Bancorp. in Salt Lake City is looking to redeem up to $500 million of senior notes.

The $55 billion-asset company said late Monday that it will begin a cash tender offer for 4.5% notes that are due March 27, 2017, and 4% notes that are due June 13, 2023.

The tender offer for the 4.5% notes will expire on Sept. 23, while the offer for the 4% notes expires Oct. 10.

The offers could cost Zions 5 cents to 10 cents a share in extinguishment charges, Brian Klock, an analyst at Keefe, Bruyette & Woods wrote in a note to clients Monday. Klock wrote that the company should be able to earn those costs back in less than two years through interest savings, adding that Zions could also benefit from a higher Tier 1 capital ratio in its next stress test exam.

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