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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 Senior Notes totaling $750 million on April 26, 2022. This includes $500 million of 2.65% Senior Notes and $250 million of Floating Rate Senior Notes, both due on May 26, 2022. The redemption price will cover 100% of the principal plus any accrued interest. Following the redemption date, the Notes will cease to be outstanding, and interest will stop accruing. This action may impact the bank's capital structure and liquidity.
Positive
Successful redemption of $750 million in Senior Notes, enhancing capital structure.
Elimination of outstanding debt may improve liquidity.
Negative
None.
PROVIDENCE, R.I.--(BUSINESS WIRE)--
Citizens Bank, N.A. today announced the redemption on April 26, 2022 (the “Redemption Date”) all of its outstanding (i) $500,000,000 aggregate principal amount 2.65% Senior Notes due May 26, 2022 (CUSIP No. 17401QAL5) and (ii) $250,000,000 aggregate principal amount Floating Rate Senior Notes due May 26, 2022 (CUSIP No. 17401QAM3) (collectively 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 $188.4 billion in assets as of December 31, 2021. 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 nearly 3,000 ATMs and more than 1,000 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 Twitter, LinkedIn or Facebook.
Media: Peter Lucht - 781.655.2289
Investors: Kristin Silberberg - 203.900.6854
Source: Citizens Bank, N.A.
FAQ
What is the redemption date for Citizens Bank's Senior Notes?
The redemption date for Citizens Bank's Senior Notes is April 26, 2022.
How much is being redeemed by Citizens Bank?
Citizens Bank is redeeming a total of $750 million in Senior Notes.
What types of notes is Citizens Bank redeeming?
Citizens Bank is redeeming $500 million of 2.65% Senior Notes and $250 million of Floating Rate Senior Notes.
When do the Senior Notes of Citizens Bank mature?
The Senior Notes being redeemed mature on May 26, 2022.
How will the redemption of notes affect Citizens Financial Group's stock?
The redemption of notes may positively impact Citizens Financial Group's liquidity and capital structure but requires monitoring for investor sentiment.
