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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 has announced the redemption of all outstanding notes totaling $750 million on February 27, 2023. This includes $500 million of 3.70% Senior Notes and $250 million of Floating Rate Senior Notes, both due on March 29, 2023. The redemption will be at 100% of the principal amount plus accrued interest. Following the redemption date, the notes will cease to accrue interest and will no longer be outstanding. Citizens Bank is a significant financial institution with $226.7 billion in assets as of December 31, 2022, and provides a wide range of banking solutions across the United States.
Positive
Successful redemption of $750 million in outstanding notes, indicating strong liquidity.
Interest will not accrue on redeemed notes, improving future cash flow.
Negative
None.
PROVIDENCE, R.I.--(BUSINESS WIRE)--
Citizens Bank, N.A. today announced the redemption on February 27, 2023 (the “Redemption Date”) all of its outstanding (i) $500,000,000 aggregate principal amount 3.70% Senior Notes due March 29, 2023 (CUSIP No. 17401QAQ4) and (ii) $250,000,000 aggregate principal amount Floating Rate Senior Notes due March 29, 2023 (CUSIP No. 17401QAR2) (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 $226.7 billion in assets as of December 31, 2022. 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 3,400 ATMs and approximately 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 Twitter, LinkedIn or Facebook.
