Citizens Financial Group Taps S&C for $300 Million NYSE Depositary Shares Offering

January 29, 2019

Citizens Financial Group, a financial holding company with headquarters in Providence, Rhode Island, tapped Sullivan & Cromwell for counsel on its January 29 offering of 12 million depositary shares on the New York Stock Exchange, raising $300 million in gross proceeds. Each depositary share represents a 1/40th interest in a share of its 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, with a stated amount of $1,000 per preferred share (equivalent to $25 per depositary share). 
 
S&C represented Citizens Financial Group on the offering and related matters.