<SEC-DOCUMENT>0001193125-19-271685.txt : 20191022
<SEC-HEADER>0001193125-19-271685.hdr.sgml : 20191022
<ACCEPTANCE-DATETIME>20191022164109
ACCESSION NUMBER:		0001193125-19-271685
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191022
DATE AS OF CHANGE:		20191022

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIZENS FINANCIAL GROUP INC/RI
		CENTRAL INDEX KEY:			0000759944
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				050412693
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-227792
		FILM NUMBER:		191162062

	BUSINESS ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		4014567000

	MAIL ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIZENS FINANCIAL GROUP INC/RI
		CENTRAL INDEX KEY:			0000759944
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				050412693
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		4014567000

	MAIL ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d803123dfwp.htm
<DESCRIPTION>FWP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-227792</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CITIZENS FINANCIAL GROUP, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$450,000,000 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18,000,000
Depositary Shares, Each Representing a 1/40th Interest in a Share of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.000% Fixed-Rate
<FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Perpetual Preferred Stock, Series E </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Liquidation Preference $1,000 Per Share of
Preferred Stock (equivalent to $25 Per Depositary Share) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Term Sheet </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">October&nbsp;21, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following information
relates only to Citizens Financial Group, Inc.&#146;s offering (the &#147;Offering&#148;) of Depositary Shares, each representing a 1/40th interest in a share of its 5.000% Fixed-Rate <FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Perpetual
Preferred Stock, Series E and should be read together with the preliminary prospectus supplement dated October&nbsp;21, 2019 relating to this Offering and the accompanying prospectus dated October&nbsp;11, 2018 (collectively, the &#147;Preliminary
Prospectus&#148;), including the documents incorporated by reference therein. This information supersedes the information in the Preliminary Prospectus to the extent it is inconsistent with the information in the Preliminary Prospectus. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Citizens Financial Group, Inc. (the &#147;Issuer&#148;)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Security:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">18,000,000 Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.000% Fixed-Rate <FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Perpetual Preferred Stock, Series E (&#147;Series E Preferred
Stock&#148;)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Size:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$450,000,000 (18,000,000 Depositary Shares (the &#147;Depositary Shares&#148;))</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Expected Security Ratings*:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">BB+ (Stable outlook) / <FONT STYLE="white-space:nowrap">BB-</FONT> (Stable outlook) (Standard&nbsp;&amp; Poor&#146;s / Fitch)</TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">October&nbsp;21, 2019</TD></TR>
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<TD VALIGN="top"><B>Original Issue Date (Settlement):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">October&nbsp;28, 2019 (T + 5)**</TD></TR>
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<TD VALIGN="top"><B>Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Perpetual</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Offering Price Per Depositary Share:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$25</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Aggregate Offering Price:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$450,000,000</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Liquidation Preference:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$1,000 per share of Series E Preferred Stock (equivalent to $25 per Depositary Share)</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Dividend Rate <FONT STYLE="white-space:nowrap">(Non-Cumulative):</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">A fixed rate per annum equal to&nbsp;5.000%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Dividend Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">If declared, January&nbsp;6, April&nbsp;6, July&nbsp;6 and October&nbsp;6 of each year, commencing on January&nbsp;6, 2020 (short first dividend period)</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">The Series E Preferred Stock (and thus a proportionate number of Depositary Shares) may be redeemed at the Issuer&#146;s option, (i)&nbsp;in whole or in part, from time to time, on any dividend payment date on or after
January&nbsp;6, 2025 or (ii)&nbsp;in whole but not in part at any time within 90 days following a Regulatory Capital Treatment Event (as defined in the Preliminary Prospectus), in each case at a redemption price equal to $1,000 per share of Series E
Preferred Stock (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends to, but excluding, the date fixed for redemption, without accumulation of any undeclared dividends</TD></TR>
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<TD VALIGN="top"><B>Underwriters&#146; Commission:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">1.000% for Depositary Shares sold to institutional investors and 3.150% for Depositary Shares sold to retail investors</TD></TR></TABLE>
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<TD VALIGN="top"><B>Proceeds to Issuer (before expenses):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$438,262,293.75</TD></TR>
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<TD VALIGN="top"><B>Listing:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Application will be made to list the Depositary Shares on the New York Stock Exchange under the symbol &#147;CFG PrE.&#148;</TD></TR>
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<TD VALIGN="top"><B>CUSIP/ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">174610 402 / US1746104025</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA
Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UBS Securities
LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Citizens Capital Markets,
Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Credit Suisse
Securities (USA) LLC</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>*</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>A securities rating is not a recommendation to buy, sell or hold securities and may be subject to
revision or withdrawal at any time.</I></B> </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We expect that delivery of the Depositary Shares will be made against payment therefor on or about the original
issue date specified in this Term Sheet, which will be the fifth business day following the date of this Term Sheet (this settlement cycle being referred to as &#147;T + 5&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the
Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Depositary Shares on the Trade Date or
the following two business days will be required, by virtue of the fact that the Depositary Shares initially will settle in T + 5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of
Depositary Shares who wish to trade the Depositary Shares on the Trade Date hereof should consult their own advisors. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer has
filed a registration statement (including the Preliminary Prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the Preliminary Prospectus in that registration statement and other documents
the Issuer has filed with the SEC for more complete information about the Issuer and the Offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer
participating in the Offering will arrange to send you the Preliminary Prospectus if you request it by contacting Morgan Stanley&nbsp;&amp; Co. LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-866-718-1649,</FONT></FONT></FONT> BofA Securities, Inc. at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322,</FONT></FONT></FONT> J.P. Morgan Securities
LLC collect at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-834-4533,</FONT></FONT></FONT> UBS Securities LLC at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-888-827-7275,</FONT></FONT></FONT> Wells Fargo Securities, LLC at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-645-375,</FONT></FONT></FONT> Citizens Capital
Markets, Inc. at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-203-900-6763,</FONT></FONT></FONT> Barclays Capital Inc. toll-free at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-888-603-5847</FONT></FONT></FONT> or Credit Suisse Securities (USA) LLC toll-free at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-221-1037.</FONT></FONT></FONT> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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