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Citizens Financial Group prices preferred stock offering

Citizens Financial Group Inc. has priced its offering of 300,000 shares of its 6.000% fixed-to-floating-rate noncumulative perpetual series B preferred shares, with a liquidation preference of $1,000 per share.

The offering, which is expected to close May 24, will generate $300 million in gross proceeds.

Providence, R.I.-based Citizens Financial Group intends to use the net proceeds for general corporate purposes.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Citizens Capital Markets Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA LLC are acting as underwriters for the offering.