Citizens Financial Group’s $450 Million Offering

Cleary Gottlieb represented the underwriters, led by Morgan Stanley, in the offering of 18 million depositary shares, each representing a 1/40th interest in a share of 5% fixed-rate non-cumulative perpetual preferred stock, Series E, with a liquidation preference of $1,000 per share, of Citizens Financial Group Inc. (Citizens).

The offering closed on October 28, 2019.

Citizens is one of the nation’s oldest and largest financial institutions, with $164.4 billion in assets as of September 30, 2019.

Cleary has represented the underwriters in numerous other offerings of Citizens’ securities, including the initial public offering of Citizens’ common stock in September 2014.