Citizens Financial Group Inc. priced an offering of 18 million depositary shares at an aggregate offering price of $450 million, or $25 per share.
Each depositary share represents a 0.025 interest in a share of the company's 5.000% fixed-rate noncumulative perpetual series E preferred stock.
The offering is expected to close Oct. 28. The Providence, R.I.-based company plans to use the net proceeds of the offering for general corporate purposes.
Morgan Stanley & Co. LLC, BofA Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities LLC, Citizens Capital Markets Inc., Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are acting as underwriters for the offering.