General analysis of expected per-terminal signal-to-interference-plus-noise-ratio (SINR) and ergodic per-cell sum spectral efficiency for a multi-cellular system with coordinated regularized zero-forcing (RZF) precoding is presented. An application to two-tier small-cell networks is considered, assuming independent and identically distributed (i.i.d.) and semi-correlated Rayleigh fading channels, with spatial correlation at the base station. Our analysis caters for equal and unequal correlation matrices for each terminal. For the i.i.d. case and when each terminal is assigned an equal correlation matrix, our expressions are averaged over the eigenvalue densities of the channel correlation matrices, which follow an uncorrelated and correlated complex central Wishart distribution. With unequal correlation matrices, we exploit the high signal-to-noise-ratio (SNR) convergence of RZF precoding to zero-forcing (ZF) precoding and use a second-order Neumann series expansion to derive closed-form approximations to the expected RZF SINR and ergodic sum spectral efficiency, via the expected ZF SNR and ergodic sum spectral efficiency. Our numerical results show the adverse effects of intercellular interference, along with the improvements in the above-mentioned performance metrics with network-wide coordination over cell-wide and macro-only coordination strategies. The derived expressions are robust to changes in system dimensions, operating SNRs, and correlation levels.