Citizens Financial intends to price fixed-to-floating senior notes

By Mary-Katherine Stinson

Lexington, Ky., Jan. 18 – Citizens Financial Group, Inc. plans to price fixed-to-floating rate senior notes, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will bear interest at a fixed rate initially and then reset to a rate based on SOFR.

The notes feature a make-whole call beginning 180 days after issue until one year before maturity. The last year they will be callable in whole at par on the first par call date, which is one year before maturity. On or after that date, they will be callable in whole or in part at par.

Barclays, BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Citizens JMP Securities, LLC are the underwriters.

Bank of New York Mellon is the trustee.

Sullivan & Cromwell LLP is counsel to the issuer, and Cleary Gottlieb Steen & Hamilton LLP is counsel to the underwriters.

Proceeds will be used for general corporate purposes, which may include securities repurchase programs, dividend payments, capital expenditures, working capital, repayment or reduction of long-term and short-term debt, redemption of outstanding long-term debt, short-term debt and preferred equity securities, investing in or extending credit to subsidiaries and the financing of acquisitions. The filing noted that the bank had not identified the amounts it will spend on any specific purpose.

Citizens is a Providence, R.I.-based bank.

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