By Cristal Cody
Tupelo, Miss., Oct. 30 – Citizens Bank, NA priced $750 million of 2.25% three-year senior bank notes (Baa1/A-/BBB+) on Monday at a spread of 60 basis points over Treasuries, according to a market source and a company press release.
The notes were initially talked to price in the low 70 bps area over Treasuries.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Mizuho Securities USA LLC and Citizens Capital Markets, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
The bank is based in Providence, R.I.
| Issuer: | Citizens Bank, NA
|
| Amount: | $750 million
|
| Description: | Senior bank notes
|
| Maturity: | Oct. 30, 2020
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Mizuho Securities USA LLC and Citizens Capital Markets, Inc.
|
| Coupon: | 2.25%
|
| Spread: | Treasuries plus 60 bps
|
| Trade date: | Oct. 30
|
| Settlement date: | Nov. 1
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Distribution: | Global bank note program
|
| Price talk: | Treasuries plus low 70 bps area
|
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