Citizens authorizes sale of $300M in Series C Preferred Stock

PROVIDENCE – Citizens Financial Group Inc. has authorized an offering 300,000 shares of Series C Preferred Stock at $1,000 per share, the company announced Wednesday.

The stock will be 6.375 percent fixed-to-floating rate, non-cumulative perpetual preferred stock that will not have voting rights – with few exceptions. The initial public offering, if completely sold, will provide the company with approximately $296.2 million after expenses and an underwriting discount.

The company said it will use the funds for general corporate purposes such as: securities repurchase programs, capital expenditures, working capital, repayment or reduction of long-term and short-term debt, redemption of outstanding long-term debt, short-term debt and preferred equity securities, and the financing of acquisitions.

The company said it will retain broad discretion over the use of the funds.

- Advertisement -