Citizens Financial Group’s $400 Million Preferred Stock Offering

June 4, 2020

Cleary Gottlieb represented the underwriters, led by Morgan Stanley, in the offering of 400,000 shares of 5.65% fixed-rate reset non-cumulative perpetual preferred stock, Series F, liquidation preference $1,000 per share, of Citizens Financial Group Inc. (Citizens).

The offering closed on June 4, 2020.

Citizens is one of the nation’s oldest and largest financial institutions, with $176.7 billion in assets as of March 31, 2020. Cleary has represented the underwriters in numerous other offerings of Citizens’ securities, including the initial public offering of Citizens’ common stock in September 2014.