PROVIDENCE – Citizens Financial Group Inc. is offering $300 million in 6 percent fixed-to-floating rate noncumulative perpetual Series B Preferred Stock at $1,000 per share, the company announced Tuesday.
The company will use the proceeds from the 300,000 shares for general business purposes including working capital, retirement of debt, business acquisitions or investments, and other business opportunities. The company will not receive any proceeds from the sale of securities by any selling security holders.
The stock offering is expected to close on May 24.
The offering is underwritten by Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Citizens Capital Markets Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA LLC.
Chris Bergenheim is the PBN web editor.