Citizens Financial Group Inc (New) | 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (CFG.PRD)
Prospectus excerpt: Citizens Financial Group, Inc. (ÙCitizensˆ) is offering 12,000,000 depositary shares (the ÙDepositary Sharesˆ), each of which represents a 1/40th ownership interest in a share of Citizens? 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share (ÙSeries D Preferred Stockˆ) (equivalent to $25 per Depositary Share), deposited with Computershare Inc. and Computershare Trust Company, N.A., acting jointly as depositary. The Depositary Shares are evidenced by depositary receipts. Each holder of a Depositary Share will be entitled, through the depositary, to all the rights and preferences of the shares of Series D Preferred Stock represented thereby (including dividend, voting, redemption and liquidation rights) in proportion to the applicable fraction of a share of Series D Preferred Stock represented by such Depositary Share. Holders of Series D Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our board of directors (or a duly authorized committee of the board). From the date of original issue to, but excluding, April 6, 2024, dividends will be payable at a rate of 6.350% per annum, payable quarterly, in arrears, on January 6, April 6, July 6 and October 6 of each year, beginning on April 6, 2019 and ending on April 6, 2024. From and including April 6, 2024, dividends will be payable at a floating rate equal to three-month LIBOR plus a spread of 3.642% per annum, payable quarterly, in arrears, on January 6, April 6, July 6 and October 6 of each year, beginning on July 6, 2024.
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