Filed under Rule 433
File Nos. 333-137490 and 333-137490-01
File Nos. 333-137490 and 333-137490-01
Citizens Banking Corporation
Final Term Sheet
Issuer: | Citizens Funding Trust I | |
Offered Securities: | 7.50% Enhanced Trust Preferred Securities of Citizens Funding Trust I, fully and unconditionally guaranteed by Citizens Banking Corporation, to the extent described in the prospectus supplement subject to completion, dated September 25, 2006, to the prospectus dated September 21, 2006 | |
Size: | 6,000,000 Trust preferred securities, liquidation amount $25 per trust preferred security and $150,000,000 in the aggregate | |
Expected Ratings: | Moody’s Investor Services: Baa2 (stable) Standard & Poor’s: BB+ (negative outlook) Fitch Ratings: BBB- (stable) Dominion Bond Rating Service: BBB (stable) | |
Trust Preferred Securities Maturity Date: | Upon the earlier of the stated maturity of the junior subordinated debentures or the earlier redemption of the junior subordinated debentures | |
Junior Subordinated Debentures Maturity Date: | September 15, 2066 | |
Coupon/Distribution Rate: | 7.50% per annum | |
Coupon/Distribution Dates: | Quarterly in arrears on March 15, June 15, September 15, and December 15 of each year, commencing December 15, 2006 | |
Optional Redemption: | On or after September 15, 2011 in whole or in part | |
Trade Date: | September 26, 2006 | |
Settlement Date: | October 3, 2006 (T+5) | |
Expected Listing: | NYSE | |
Public Offering Price: | $25 per trust preferred security | |
Underwriting Commissions: | $0.7875 per trust preferred security and $4,725,000 in the aggregate, except that the underwriting commission will be $0.50 per trust preferred security with respect to any trust preferred securities sold to institutions. To the extent of those sales, the total underwriting commission will decrease and the net proceeds to the Issuer will increase. | |
Net Proceeds to the Issuer: | $145,275,000 in the aggregate | |
Joint-Book-Running Managers: | UBS Securities LLC, Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc., and Wachovia Capital Markets, LLC | |
Co-Managers: | Keefe, Bruyette & Woods, Inc., and Credit Suisse Securities (USA) LLC | |
Syndicate: | A.G. Edwards & Sons, Inc., Banc of America Securities LLC, Bear, Stearns & Co. Inc., Boenning & Scattergood, Inc., Cohen & Company Securities LLC, D.A. Davidson & Co., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Janney Montgomery Scott LLC, Jeffries & Company, Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc., McGinn, Smith & Co, Inc., Mesirow Financial, Inc., Morgan Keegan & Company, Inc., Oppenheimer & Co. Inc., Pershing LLC, RBC Capital Markets Corporation, Robert W. Baird & Co. Incorporated, Raymond James & Associates, Inc., Ryan, Beck & Co. LLC, Sandler, O’Neill & Partners, L.P., and Stifel, Nicolaus & Company, Incorporated | |
CUSIP: | 174687 10 3 |
The issuer has filed a registration statement, including a prospectus, with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get 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 prospectus if you request it by calling toll-free 1-888-722-9555 x1088.
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Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.