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UPDATE 1-Zions Bancorp to raise $300 mln in debt offering
March 20, 2012 / 9:12 PM / 6 years ago

UPDATE 1-Zions Bancorp to raise $300 mln in debt offering

* May use proceeds to partly redeem TARP preferred stock

* Proceeds could also be used to redeem senior notes due 2012

March 20 (Reuters) - Zions Bancorp said it plans to sell $300 million of senior notes, and may use the proceeds from the offering to partly pay back the bailout funds it received from the U.S. Treasury.

The regional lender had received $1.4 billion in bailout funds as part of the Troubled Asset Relief Program (TARP) from the government after the financial crisis. It is among the largest recipients of aid still left in the program.

Earlier this month, Zions said that the U.S. Federal Reserve had approved its 2012 capital plan, which included the redemption of some of the TARP funds.

The bank may also use the proceeds from the offering to redeem its senior notes due 2012.

Shares of Salt Lake City, Utah-based Zions closed at $22.20 on Tuesday on the Nasdaq.

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