Citizens Financial Group Announces Pricing of $350 Million of Senior Notes
July 25 2016 - 5:31PM
Business Wire
Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) 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% (the “Senior Notes”).
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.
The Senior Notes offering is being made pursuant to an effective
shelf registration statement, including a prospectus, filed by CFG
with the U.S. Securities and Exchange Commission (“SEC”). Before
investing, investors should read the prospectus in that
registration statement, the related prospectus supplement and other
documents CFG has filed with the SEC for more complete information
about CFG and the Senior Notes offering. These documents may be
obtained for free by visiting the SEC website at www.sec.gov.
Alternatively, the Issuer, any underwriter or any dealer
participating in the Senior Notes offering will arrange to send you
the prospectus contained in the registration statement, together
with the related prospectus supplement, if you request it by
contacting Credit Suisse Securities (USA) LLC, toll free at
1-800-221-1037, Goldman, Sachs & Co., at 1-866-471-2526, Morgan
Stanley & Co. LLC at 1-866-718-1649, Citigroup Global Markets
Inc. at 1-800-831-9146, Citizens Capital Markets, Inc. at
1-203-900-6763, or J.P. Morgan Securities LLC collect at
1-212-834-4533.
This press release is for informational purposes only and does
not constitute an offer to sell, or a solicitation of an offer to
buy, the Senior Notes, nor shall there be any sale of the Senior
Notes in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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.
Cautionary Statement About Forward-Looking StatementsThis
news release contains forward-looking statements within the Private
Securities Litigation Reform Act of 1995. Any statement that does
not describe historical or current facts is a forward-looking
statement. These statements often include the words “believes,”
“expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,”
“targets,” “initiatives,” “potentially,” “probably,” “projects,”
“outlook” or similar expressions or future or conditional verbs
such as “may,” “will,” “should,” “would,” and “could.”
Forward-looking statements are based upon the current beliefs and
expectations of management, and on information currently available
to management. Our statements speak as of the date hereof, and we
do not assume any obligation to update these statements or to
update the reasons why actual results could differ from those
contained in such statements in light of new information or future
events. We caution you, therefore, against relying on any of these
forward-looking statements. They are neither statements of
historical fact nor guarantees or assurances of future performance.
More information about factors that could cause actual results to
differ materially from those described in the forward-looking
statements can be found under “Risk Factors” in our Annual Report
on Form 10-K filed with the United States Securities and Exchange
Commission on February 26, 2016.
CFG-IR
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version on businesswire.com: http://www.businesswire.com/news/home/20160725006348/en/
Citizens Financial Group, Inc.Media:Frank Quaratiello,
617-725-5851orInvestors:Ellen A. Taylor, 203-900-6854
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