Citizens Financial Group Announces Pricing of $450 Million Preferred Stock Depositary Shares Offering
October 21 2019 - 5:00PM
Business Wire
Citizens Financial Group, Inc. (NYSE: CFG) today announced the
pricing of an offering of 18,000,000 depositary shares each
representing a 1/40th interest in a share of its 5.000% fixed-rate
non-cumulative perpetual Series E Preferred Stock, liquidation
preference $1,000 per share (equivalent to $25 per depositary
share) at an aggregate offering price of $450 million.
CFG intends to use the net proceeds of the offering for general
corporate purposes. The offering is expected to close on October
28, 2019, subject to customary closing conditions.
Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan
Securities LLC, UBS Securities LLC, Wells Fargo Securities LLC,
Citizens Capital Markets, Inc., Barclays Capital Inc., and Credit
Suisse Securities (USA) LLC are acting as underwriters for the
offering.
The 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 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 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 Morgan Stanley &
Co. LLC toll-free at 1-866-718-1649, BofA Securities, Inc. at
1-800-294-1322, J.P Morgan Securities LLC collect at
1-212-834-4533, UBS Securities LLC at 1-888-827-7275, Wells Fargo
Securities, LLC at 1-800-645-3751, Citizens Capital Markets, Inc.
at 1-203-900-6763, Barclays Capital Inc. toll-free at
1-888-603-5847 or Credit Suisse Securities (USA) LLC toll-free at
1-800-221-1037. This press release is for informational purposes
only and does not constitute an offer to sell, or a solicitation of
an offer to buy, these securities, nor shall there be any sale of
these securities 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 $164.4
billion in assets as of September 30, 2019. 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. Citizens helps its customers reach their potential by
listening to them and by understanding their needs in order to
offer tailored advice, ideas and solutions. In Consumer Banking,
Citizens provides an integrated experience that includes mobile and
online banking, a 24/7 customer contact center and the convenience
of approximately 2,900 ATMs and approximately 1,100 branches in 11
states in the New England, Mid-Atlantic and Midwest regions.
Consumer Banking products and services include a full range of
banking, lending, savings, wealth management and small business
offerings. 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
rate products, and asset finance. More information is available at
www.citizensbank.com or visit us on Twitter, LinkedIn or
Facebook.
Forward-Looking Statements “Safe Harbor” Statement within
the meaning of the Private Securities Litigation Reform Act of
1995: This communication contains “forward-looking statements” —
that is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance and financial condition,
and often contain words such as “expect,” “anticipate,” “intend,”
“plan,” “believe,” “seek,” “see,” “will,” “would,” or “target.”
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Uncertainties that could
cause our actual results to be materially different than those
expressed in our forward-looking statements include the failure to
consummate this transaction or to make or take any filing or other
action required to consummate any such transaction on a timely
matter or at all. These or other uncertainties may cause our actual
future results to be materially different from those expressed in
our forward-looking statements.
CFG-IR
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Media: Peter Lucht - 781.655.2289 Investors: Ellen
A. Taylor - 203.900.6854
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