Citizens completed the issuance and sale of 5.841% Fixed/Floating Rate Senior Notes due 2030 on January 23, 2024, with total principal of $1.25 billion.

8-KOther EventsFiled Jan 23, 2024Period of report Jan 23, 2024Summary published (UTC) Oct 29, 2026

Key points

AI summary

Citizens completed the issuance and sale of 5.841% Fixed/Floating Rate Senior Notes due 2030 on January 23, 2024, with total principal of $1.25 billion.
The company said the notes bear a fixed rate of 5.841% per year from and including January 23, 2024 to but excluding January 23, 2029, and thereafter until January 23, 2030 bear interest based on the SOFR formula plus 2.01%.
The company said it plans to use the net proceeds of the offering for general corporate purposes, including securities repurchase programs, dividends, debt repayment or reduction, preferred stock redemption, and financing acquisitions, and that it has not set the amounts for any specific purpose.
Citizens entered into an Underwriting Agreement with Barclays Capital Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Citizens JMP Securities, LLC on January 18, 2024, and the notes were issued under an Indenture with The Bank of New York Mellon as trustee.

Summary

AI-written

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Citizens completes $1.25 billion senior notes offering

Citizens completed the issuance and sale of 5.841% Fixed/Floating Rate Senior Notes due 2030 on January 23, 2024, with total principal of $1.25 billion.

Source · Based on the filing body and exhibits

Fixed rate, then SOFR-linked interest structure

The company said the notes bear a fixed rate of 5.841% per year from and including January 23, 2024 to but excluding January 23, 2029, and thereafter until January 23, 2030 bear interest based on the SOFR formula plus 2.01%.

Source · Based on the filing body and exhibits

Use of net proceeds

The company said it plans to use the net proceeds of the offering for general corporate purposes, including securities repurchase programs, dividends, debt repayment or reduction, preferred stock redemption, and financing acquisitions, and that it has not set the amounts for any specific purpose.

Source · Based on the filing body and exhibits

Underwriting agreement and indenture entered

Citizens entered into an Underwriting Agreement with Barclays Capital Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Citizens JMP Securities, LLC on January 18, 2024, and the notes were issued under an Indenture with The Bank of New York Mellon as trustee.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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