Citizens Financial Prices $400M Subordinated Notes Due 2036
summarizeSummary
Citizens Financial Group priced a $400 million offering of 5.299% fixed-reset subordinated notes due 2036. The offering, along with a concurrent unregistered offering from Citizens Bank, aims to bolster the company's capital structure.
check_boxKey Events
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Subordinated Notes Offering
Citizens Financial Group prices $400 million of 5.299% Fixed-Reset Subordinated Notes due 2036.
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Interest Rate Details
Notes bear interest at a fixed rate of 5.299% until January 29, 2031, then reset to the Five-year U.S. Treasury Rate plus 1.450%.
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Concurrent Unregistered Offering
Citizens Bank, N.A. is offering $750 million aggregate principal amount of its 4.192% Fixed Rate / Floating Rate Senior Notes due 2029 in concurrent unregistered offerings.
auto_awesomeAnalysis
Citizens Financial Group is issuing $400 million in fixed-reset subordinated notes due in 2036. The notes have an initial fixed interest rate of 5.299% until January 2031, after which the rate will reset based on the 5-year U.S. Treasury rate plus 1.450%. This offering provides Citizens Financial with additional capital and diversifies its funding sources.
At the time of this filing, CFG was trading at $65.00 on NYSE in the Finance sector, with a market capitalization of approximately $27.6B. The 52-week trading range was $32.60 to $65.88. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.