Zions Bancorporation, N.A. (NASDAQ: ZION) has priced a $500 million offering of fixed-to-floating rate senior notes due October 1, 2029, according to a company press release.

The notes will carry a fixed annual interest rate of 5.239% from the settlement date through September 30, 2028. Beginning October 1, 2028, the rate will convert to a floating rate equal to Compounded SOFR plus a spread of 1.08%. Zions holds the option to redeem the notes in whole, but not in part, on October 1, 2028, at 100% of the principal amount plus accrued but unpaid interest.

The offering is structured as a public transaction exempt from registration under Section 3(a)(2) of the Securities Act of 1933 and is expected to settle on July 31, 2026, subject to customary closing conditions. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and RBC Capital Markets, LLC served as bookrunners.

Zions said it intends to use the net proceeds to reduce short-term borrowings. The company also executed a receive-fixed fair value hedge against the notes during the fixed rate period, which it said would effectively convert the interest expense to a floating rate.

The Salt Lake City-based bank reported approximately $89 billion in total assets as of December 31, 2025, and annual net revenue of $3.4 billion in 2025.