Citizens gives results on offers to swap five series for new notes

By Taylor Fox

New York, Feb. 10 – Citizens Financial Group, Inc. announced the expiration and results of its offers to exchange five series of its outstanding subordinated notes for new notes, according to a press release.

Citizens is offering to exchange each of the five existing series for one of three new series of notes, plus cash in the case of one series of existing notes.

As of the expiration time of 11:59 p.m. ET Feb. 9, holders had tendered the following notes, listed with the total exchange consideration per $1,000 principal amount of existing notes tendered for exchange:

• $13.45 million of the $181,927,000 outstanding 4.15% subordinated notes due 2022 (Cusip: 75524RAA7) for $930 of 4.3% fixed-rate reset subordinated notes due Feb. 11, 2031;

• $8.5 million of the $25.2 million outstanding 4.023% subordinated notes due 2024 (Cusip: 174610AC9) for $970 of 4.3% fixed-rate reset subordinated notes due Feb. 11, 2031;

• $113.88 million of the $450,162,000 outstanding 4.3% subordinated notes due 2025 (Cusip: 174610AK1) for $1,000 of 4.3% fixed-rate reset subordinated notes due Feb. 11, 2031 plus $5 in cash;

• $68.71 million of the $158,629,000 outstanding 3.75% subordinated notes due 2024 (Cusip: 174610AL9) for $1,000 of 3.75% fixed-rate reset subordinated notes due Feb. 11, 2031; and

• $60,547,000 of the $194,016,000 outstanding 4.35% subordinated notes due 2025 (Cusip: 174610AJ4) for $1,000 of 4.35% fixed-rate reset subordinated notes due Feb. 11, 2031.

The company expects to accept all of the tendered notes for exchange.

In each case, the total consideration includes an early participation premium of $30 principal amount of new notes per $1,000 of old notes that will now be paid to all holders who tender their notes for exchange.

Citizens Financial will also pay interest on the notes.

The withdrawal deadline was 5 p.m. ET on Jan. 26.

Settlement is expected to occur on Feb. 11.

The offers were open only to holders who have certified that they are either qualified institutional buyers or non-U.S. persons as defined in Rule 144A under the Securities Act of 1933.

Global Bondholder Services Corp. (866 470-3800 or 212 430-3774) is the information and exchange agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.