Citizens Financial Group Announces Redemption of Senior Notes

Rhea-AI Summary

Citizens Financial Group (NYSE: CFG) announced the redemption of all outstanding 2.375% Senior Notes due July 28, 2021, effective June 28, 2021. The redemption price equals 100% of the principal amount plus accrued interest until the redemption date. Holders of the Notes will receive notification regarding the redemption process, with payments facilitated through The Depository Trust Company.

As of March 31, 2021, Citizens had $187.2 billion in assets and provides a range of banking services to individuals and businesses across the United States.

Positive

• Redemption of 2.375% Senior Notes may improve capital structure.
• Successful management of outstanding debt enhances financial stability.

Negative

• None.

Citizens Financial Group, Inc. (NYSE: CFG) today announced the redemption on June 28, 2021, of all of its outstanding 2.375% Senior Notes due July 28, 2021 (CUSIP No. 174610AN5) (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 to, but excluding, the redemption date of June 28, 2021.

In accordance with the indenture governing the Notes, the holders of the Notes will receive notice of the redemption, the redemption price and further instructions and details related to the process of such redemption. 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 $187.2 billion in assets as of March 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 approximately 3,000 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. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

Forward-Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This communication contains “forward-looking statements” —that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” or “target.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include the failure to consummate this transaction or to make or take any filing or other action required to consummate any such transaction on a timely matter or at all. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements.

CFG-IR

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FAQ

What is the redemption date for Citizens Financial Group's Senior Notes?

The redemption date is June 28, 2021.

What is the interest rate on the Senior Notes being redeemed by CFG?

The Senior Notes have an interest rate of 2.375%.

Will investors receive notification about the redemption process for CFG Senior Notes?

Yes, holders of the Notes will receive a notification regarding the redemption process.

How much in assets does Citizens Financial Group have as of March 31, 2021?

Citizens Financial Group has $187.2 billion in assets as of March 31, 2021.

What is the principal repayment method for the redeemed CFG Senior Notes?

Payments will be made through The Depository Trust Company.