New Issue: Citizens Financial sells $500 million 2.85% seven-year notes at 97 bps over Treasuries

By Cristal Cody

Tupelo, Miss., July 22 – Citizens Financial Group, Inc. priced $500 million of 2.85% seven-year senior notes on Monday at 99.798 to yield 2.882%, according to a news release and an FWP filing with the Securities and Exchange Commission.

The notes (BBB+/BBB+) priced at a spread of 97 basis points over Treasuries.

Barclays, Citizens Capital Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Mizuho Securities USA Inc. were the bookrunners.

Proceeds will be used for general corporate purposes, which may include repayment or reduction of debt.

Citizens Financial Group is a Providence, R.I.-based retail bank holding company.

Issuer:	Citizens Financial Group, Inc.
Amount:	$500 million
Maturity:	July 27, 2026
Securities:	Senior notes
Bookrunners:	Barclays, Citizens Capital Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
Coupon:	2.85%
Price:	99.798
Yield:	2.882%
Spread:	Treasuries plus 97 bps
Call features:	Make-whole call from Jan. 27, 2020 to April 24, 2026 at Treasuries plus 15 bps; on or after April 24, 2026 at par
Trade date:	July 22
Settlement date:	July 25
Ratings:	S&P: BBB+
	Fitch: BBB+
Distribution:	SEC registered

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