Citizens Financial gives results of offers to exchange five series

By Wendy Van Sickle

Columbus, Ohio, Feb. 11 – Citizens Financial Group, Inc. announced the final results of its offers to exchange five series of its outstanding subordinated notes for one of three new series of subordinated notes, plus cash in the case of one series, according to a press release.

The offers were announced on Jan. 12 and expired at 11:59 p.m. ET on Feb. 9.

As of the original early participation date of 5 p.m. ET on Jan. 26, the following notes were tendered, with the total exchange consideration listed per $1,000 principal amount of existing notes tendered for exchange:

• $13.45 million of $181,927,000 of 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 $25.2 million of 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 billion of $450,162,000 of 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 $158,629,000 of 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 $194,016,000 of 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 amounts are the same as at the original early participation date of 5 p.m. ET on Jan. 26, except in the case of the 4.3% notes, which rose slightly from $113,565,000.

On Jan. 27, the company announced it was extending the early deadline to coincide with the final deadline.

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

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

Settlement occurred 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.