PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Financial Group, Inc. (NYSE: CFG) today announced the pricing of an offering of $350 million aggregate principal amount of 2.375% senior unsecured notes due July 28, 2021 at an issue price of 99.948%.
CFG intends to use the net proceeds of the Senior Notes offering and available cash to repurchase $500 million of CFG subordinated notes currently held by The Royal Bank of Scotland Group plc (“RBS”), pursuant to the previously announced agreement between CFG and RBS. Specifically, CFG will retire $334 million of its 4.082% subordinated notes due 2025 and $166 million of 4.023% subordinated notes due 2024 currently held by RBS. The offering is expected to close on July 28, 2016, subject to customary closing conditions.
Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Citizens Capital Markets Inc. and J.P. Morgan Securities LLC, are acting as underwriters for the Senior Notes offering.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $145.2 billion in assets as of June 30, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions.
Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance. Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
