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Citizens Bank, N.A. Announces Redemption of Senior Notes
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Citizens Bank, N.A. announced the redemption of all outstanding 2.550% Senior Notes due May 13, 2021, with an aggregate principal amount of $1,000,000,000. The redemption will occur on April 13, 2021. The redemption price will be 100% of the principal plus any accrued interest up to the Redemption Date. After this date, the Notes will no longer be considered outstanding and will cease to accrue interest. Payment will be processed through The Depository Trust Company.
Positive
Redemption of $1 billion in Senior Notes will strengthen balance sheet.
Redemption enhances cash flow management by eliminating interest expenses on Notes.
Negative
None.
Citizens Bank, N.A. today announced the redemption on April 13, 2021 (the “Redemption Date”) of all of its outstanding 2.550% Senior Notes due May 13, 2021 (CUSIP No. 17401QAE1) (the “Notes”). The Notes have an aggregate principal amount of $1,000,000,000. 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 $183.3 billion in assets as of December 31, 2020. 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 2,700 ATMs and approximately 1,000 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 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.
What are the details of Citizens Bank's redemption of Senior Notes?
Citizens Bank is redeeming all outstanding 2.550% Senior Notes on April 13, 2021, with a total principal of $1,000,000,000 at 100% of principal plus accrued interest.
When will Citizens Bank redeem the Senior Notes?
The redemption of the Senior Notes will take place on April 13, 2021.
What will happen to the Senior Notes after the redemption date?
After the redemption date, the Senior Notes will no longer be deemed outstanding, and no interest will accrue on them.
How will the redemption price for the Senior Notes be paid?
The redemption price will be paid through the facilities of The Depository Trust Company.
What is the significance of Citizens Bank redeeming its Senior Notes?
The redemption signifies improved balance sheet management and reduced future interest expenses for Citizens Bank.
