Zions Bancorporation Announces Equity Distribution Agreement and Commencement of Senior Notes Offering

SALT LAKE CITY, Sept. 17 /PRNewswire-FirstCall/ -- Zions Bancorporation ("Zions" or the "Company") (Nasdaq: ZION) announced today that it entered into an equity distribution agreement with Goldman, Sachs & Co., pursuant to which the Company may offer and sell through or to Goldman, Sachs & Co. from time to time, shares of the Company's common stock, without par value, with an aggregate sales price of up to $250,000,000. The Shares will be issued pursuant to the Company's Registration Statement on Form S-3 (No. 333-158319) previously filed by the Company with the Securities and Exchange Commission (the "Commission"). It is anticipated that the shares of the Company's common stock will be issued over the next several quarters.

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The Company also announced that it has commenced an offering of senior unsecured notes to mature in 2014 in an underwritten public transaction, on terms yet to be determined. It anticipates filing a preliminary prospectus supplement in connection with the proposed offering today. Deutsche Bank Securities and Goldman, Sachs & Co. will be serving as active lead joint book running managers and Banc of America Securities LLC, J.P. Morgan Securities Inc. and Zions Direct, Inc. will serve as passive co-joint book running managers for the offering. A preliminary prospectus supplement and final prospectus supplement related to the public offering will be filed with the Commission. Copies of the preliminary prospectus supplement and final prospectus supplement, when available, may be obtained from Deutsche Bank Securities, 60 Wall Street, New York, NY 10005, Attention: Investment Grade Debt Syndicate, 1-800-503-4611 or Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, Attention: Prospectus Department, 1-866-471-2526, or by e-mail at prospectus-ny@ny.email.gs.com.

The Company is conducting both offerings in order to further augment its existing capital and liquidity position. In connection with the offerings, the Company has issued a set of slides which are available through the Commission's Internet site at http://www.sec.gov.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy common stock or senior notes of the Company or any other securities and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Developers Diversified Announces Completion of Cash Tender Offers

CLEVELAND, OH, Sep 17, 2009 (MARKETWIRE via COMTEX News Network) -- Developers Diversified Realty (NYSE: DDR) announced today that it has completed the purchase of approximately $250 million aggregate principal amount of its Senior Unsecured Notes through the previously announced cash tender offers that commenced August 13, 2009. The following series of Notes were accepted for an aggregate consideration of approximately $228 million, excluding accrued interest:

                                            Aggregate               Total                                             

                                             Principal              Consid-                               

                              Outstanding    Amount                eration                                

                              Principal  Accepted for  Cash Spend   per      

    Notes         CUSIP No.   Amount(1)    Purchase    Required(2) Note(3)

----------------- ---------- ------------ ------------ ------------ ------

2010 Notes  

 5.00% Notes    

 due 2010        251591AL7 $193,574,000   $42,295,000  $42,448,000  $985   

 4.625% Notes    

 due 2010        251591AG8 $259,776,000   $32,142,000  $31,528,000  $975

 2011 and 2012 Notes   

 5.25% Notes    

 due 2011        251591AK9 $185,169,000    $4,442,000   $4,274,000  $940   

 5.375% Notes    

 due 2012        251591AN3 $346,575,000  $123,108,000 $113,591,000  $900

 2015 and 2018 Notes   

 5.50% Notes    

 due 2015        251591AM5 $200,000,000   $30,329,000  $25,486,000  $820   

 7.50% Notes    

 due 2018        25159NAW5 $100,000,000   $17,804,000  $15,572,000  $850                                           

                                          ------------ ------------

 Total                                    $250,120,000 $232,899,000

(1)  Prior to consummation of tender offers.

(2)  Includes accrued interest.

(3)  Per $1,000 principal amount of Notes accepted for purchase. Clearing      

     premium per $1,000 principal amount of Notes was $25 for the 2010      

     Notes, $0 for the 2011 and 2012 Notes and $20 for the 2015 and 2018      

     Notes. Excludes accrued interest.  

The tender offer for the 2015 and 2018 Notes expired at midnight, New York City time, on September 11, 2009. The tender offer for the 2010 Notes and the tender offer for the 2011 and 2012 Notes expired at midnight, New York City time, on September 16, 2009.

The aggregate consideration for the Notes accepted in the tender offers, including accrued interest, was approximately $233 million.

David Oakes, Developers Diversified's Senior Executive Vice President of Finance and Chief Investment Officer, commented, "We are pleased with the results of our tender offer, as we continue to opportunistically repurchase our debt at discounts to par, which is one of many leverage reducing initiatives underway."

Goldman, Sachs & Co. acted as the dealer manager for the tender offers.