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Citizens Financial Group, 6.35% Dep Sh Fix/Float Non-Cumul Perp Prfrd Stk Ser D
Ticker Symbol: CFG-D* CUSIP: 174610204 Exchange: NYSE
* NOTE: This security is no longer trading as of 7/08/2024
Security has been Called for: Monday, July 8, 2024
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May 23, 2024 -- Citizens Financial Group, Inc. (NYSE: CFG) today announced the redemption on July 8, 2024 (the “Redemption Date”) of 12,000,000 depositary shares (NYSE: CFG PrD; CUSIP: 174610204; ISIN: US1746102045) (the “Depositary Shares”) representing interests in CFG’s 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). Each Depositary Share represents a 1/40th interest in a share of the Series D Preferred Stock. All 12,000,000 Depositary Shares currently outstanding will be redeemed on the Redemption Date. On and after the Redemption Date, no Depositary Shares or shares of Series D Preferred Stock will remain outstanding and dividends in respect of the Series D Preferred Stock will no longer accrue.
The Depositary Shares will be redeemed at a redemption price of $25 per Depositary Share (equivalent to $1,000 per share of Series D Preferred Stock) (the “Redemption Price”). Because the Redemption Date is a dividend payment date for the Series D Preferred Stock, the Redemption Price does not include declared and unpaid dividends. The regular quarterly dividend on the Depositary Shares was separately declared and will be paid separately on July 8, 2024 to holders of record on the record date for such dividend payment in the customary manner. June 23, 2023 -- Citizens Financial Group, Inc. (NYSE: CFG or the “Company”) announced today that, after June 30, 2023, three-month CME Term SOFR, as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator), plus a tenor spread adjustment of 0.26161% (“SOFR Rate”) will be the benchmark replacement to be used, if and when necessary, for the following outstanding fixed-to-floating rate preferred stock and depositary shares representing ownership interests in preferred stock issued by the Company that contemplate the use of three-month U.S. dollar LIBOR (“USD LIBOR”) as the reference rate during their respective floating rate periods (the “Securities”):
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Citizens Financial Group, Inc., 6.350% Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $25.00 per depositary share, redeemable at the issuer's option on or after 4/6/2024 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 6.35% per annum ($1.5875 per annum or $0.396875 per quarter) will be paid quarterly on 1/6, 4/6, 7/6 & 10/6 to holders of record on the record date that will be the 15th calendar day prior to the payment date or the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From and including 4/6/2024 dividends will be payable at a floating rate equal to three-month LIBOR three-month CME Term SOFR plus a tenor spread adjustment of 0.26161% plus a spread of 3.642% per annum. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-38 of the prospectus for further information). This security was rated as BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (CFG)
IPO - 1/22/2019 - 12.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: CFGLL Changed: 1/30/2019
Market Value $ Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: One Citizens Plaza, Providence, RI 02903 |
| Main Phone Number |
401-456-7000 |
| Fax Number |
Not Available |
| Investor Relations
Kristin Silberberg
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203-900-6854
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| CEO - Bruce Van Saun |
CFO - John F. Woods |
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