Citizens Bank, N.A. Announces Redemption of Senior Notes

Rhea-AI Summary

Citizens Bank, N.A. announced the redemption of $650 million in senior notes due May 23, 2025. The redemption price will be 100% of the principal amount plus accrued interest up to the Redemption Date. Citizens Financial Group, Inc. has $220.4 billion in assets and offers a wide range of banking products and services to various customers.

Positive

• Citizens Bank, N.A. announced the successful redemption of senior notes, reflecting a proactive financial strategy to manage debt.
• Citizens Financial Group, Inc. boasts $220.4 billion in assets, indicating a strong financial position and stability in the market.

Negative

• The redemption of senior notes may lead to a temporary decrease in liquidity for Citizens Bank, N.A., affecting short-term cash flow.
• The redemption of senior notes could result in a slight increase in interest expenses for the company in the short term.

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Bank, N.A. today announced the redemption on May 23, 2024 (the “Redemption Date”) all of its outstanding $650,000,000 aggregate principal amount 4.119% Fixed/Floating Rate senior Notes due May 23, 2025 (CUSIP No. 75524KNQ3) (the “Notes”). The redemption price for the Notes will be equal to 100% of principal amount of the Notes redeemed, plus any accrued and unpaid interest thereon to, but excluding, the Redemption Date.

On and after the Redemption Date, the Notes will no longer be deemed outstanding and interest will no longer accrue on the Notes. Payment of the redemption price for the Notes will be made through the facilities of The Depository Trust Company.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $220.4 billion in assets as of March 31, 2024. 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 full-service customer contact center and the convenience of approximately 3,200 ATMs and more than 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X (formerly Twitter), LinkedIn or Facebook.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240502576906/en/

Media: Peter Lucht - 781.655.2289

Investors: Kristin Silberberg - 203.900.6854

Source: Citizens Bank, N.A.

FAQ

What did Citizens Bank, N.A. announce recently?

Citizens Bank, N.A. announced the redemption of all its outstanding $650 million senior notes due May 23, 2025.

How much is the total assets of Citizens Financial Group, Inc.?

Citizens Financial Group, Inc. has total assets of $220.4 billion as of March 31, 2024.

Where is Citizens Financial Group, Inc. headquartered?

Citizens Financial Group, Inc. is headquartered in Providence, Rhode Island.

What range of banking products and services does Citizens offer?

Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.