Citizens Financial Group, Inc. Announces Transition of U.S. LIBOR-linked Preferred Stock to Term SOFR Replacement Rate
24 6월 2023 - 5:12AM
Business Wire
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”):
CUSIP
Security
174610AP0
6.000% Fixed-to-Floating Rate
Non-Cumulative Perpetual Preferred Stock, Series B
174610AQ8
6.375% Fixed-to-Floating Rate
Non-Cumulative Perpetual Preferred Stock, Series C
174610204
Depositary Shares Representing a 1/40th
Ownership Interest in a Share of 6.350% Fixed-to-Floating Rate
Non-Cumulative Perpetual Preferred Stock, Series D
On March 5, 2021, the United Kingdom’s Financial Conduct
Authority and ICE Benchmark Administration, Limited announced that
the one-week and two-month U.S. Dollar (“USD”) LIBOR settings and
non-USD LIBOR settings would cease to be published or cease to be
representative immediately after December 31, 2021, and the
remaining USD LIBOR settings, including three-month USD LIBOR,
would cease to be published or cease to be representative
immediately after June 30, 2023.
In accordance with the terms of the Securities, the Adjustable
Interest Rate (LIBOR) Act and the final regulations promulgated
pursuant thereto by the Board of Governors of the Federal Reserve
System (“Board”), the applicable Board-selected benchmark
replacement (i.e., the SOFR Rate) will be used, if and when
necessary, in connection with calculating dividends that may be
payable under the Securities.
This press release applies only to the Securities listed above
and does not relate to any other securities or other
instruments.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and
largest financial institutions, with $222.3 billion in assets as of
March 31, 2023. Headquartered in Providence, Rhode Island, Citizens
offers a broad range of retail and commercial banking products and
services to individuals, small businesses, middle-market companies,
large corporations and institutions. Citizens helps its customers
reach their potential by listening to them and by understanding
their needs in order to offer tailored advice, ideas and solutions.
In Consumer Banking, Citizens provides an integrated experience
that includes mobile and online banking, a full-service customer
contact center and the convenience of approximately 3,400 ATMs and
approximately 1,100 branches in 14 states and the District of
Columbia. Consumer Banking products and services include a full
range of banking, lending, savings, wealth management and small
business offerings. In Commercial Banking, Citizens offers a broad
complement of financial products and solutions, including lending
and leasing, deposit and treasury management services, foreign
exchange, interest rate and commodity risk management solutions, as
well as loan syndication, corporate finance, merger and
acquisition, and debt and equity capital markets capabilities. More
information is available at www.citizensbank.com or visit us on
Twitter, LinkedIn or Facebook.
CFG-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20230623910427/en/
Media: Peter Lucht — 781.655.2289
Investors: Kristin Silberberg — 203.900.6854
Citizens Financial (NYSE:CFG)
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Citizens Financial (NYSE:CFG)
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부터 5월(5) 2023 으로 5월(5) 2024