8-KOther EventsExhibits & Filings

CITIZENS FINANCIAL GROUP INC/RI 8-K Report, Corporate Update (Jul 25, 2019)

Filed July 25, 2019For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

Citizens Financial Group, Inc. (CFG) announced the completion of a $500 million offering of 2.850% Senior Notes due 2026. The issuance, finalized on July 25, 2019, was conducted under the company's existing registration statement. The notes carry a fixed interest rate of 2.850%, payable semi-annually, and mature in 2026. The proceeds from this offering are intended for general corporate purposes, providing the company with flexibility. These purposes may include activities such as share repurchases, capital expenditures, working capital needs, and the repayment or financing of debt and potential acquisitions. The specific allocation of the net proceeds has not yet been determined.

Key Highlights

  • 1Completion of a $500 million offering of 2.850% Senior Notes due 2026.
  • 2The notes carry a fixed interest rate of 2.850% and mature on July 27, 2026.
  • 3Proceeds are designated for general corporate purposes, offering strategic financial flexibility.
  • 4Potential uses of proceeds include share repurchases, capital expenditures, debt management, and acquisitions.
  • 5The offering was conducted under the company's existing Form S-3 registration statement.
  • 6Key underwriters involved in the offering included Barclays Capital Inc., Citizens Capital Markets, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and Mizuho Securities USA LLC.

Frequently Asked Questions

This 8-K filing was made to report the completion of Citizens Financial Group's (CFG) offering of $500 million in Senior Notes due 2026. It also served to file key documents related to the offering, such as the Underwriting Agreement and the Third Supplemental Indenture, as exhibits.

Citizens Financial Group raised $500 million in aggregate principal amount through the issuance and sale of these Senior Notes.

The company intends to use the net proceeds for general corporate purposes. This broad category may encompass various activities, including securities repurchase programs, capital expenditures, working capital, repayment or reduction of debt (both long-term and short-term), redemption of outstanding debt and preferred equity securities, and the financing of acquisitions.

The 2.850% Senior Notes due 2026 carry a fixed interest rate of 2.850% per annum, payable semi-annually, and mature on July 27, 2026.