Citigroup completes tender offers for notes issued by Bryant Park CDO

By Jennifer Chiou

New York, Aug. 10 - Citigroup Global Markets Inc. announced the results of its tender offer for any and all of the $40 million of income notes due 2019 issued by Bryant Park CDO Ltd. as well as any and all of the following notes issued by Bryant Park CDO Ltd. and Bryant Park CDO Inc.:

• $23 million of class A-1 floating-rate senior notes due 2019;

• $28 million of class A-2 floating-rate senior notes due 2019;

• $30 million of class B floating-rate deferrable senior subordinated notes due 2019; and

• $21 million of class C floating-rate deferrable senior subordinated notes due 2019.

The offers ended at 11:59 p.m. ET on Aug. 9 after having been extended from Aug. 5.

All in all, the company received tenders for $10.5 million, or 45.65%, of the outstanding class A-1 floaters and $28.5 million, or 71.25%, of the income notes. Holders did not tender any other securities.

Following settlement of the notes, Citi said it will own at least 66.67% of the outstanding income notes, and it plans to redeem all of Bryant Park CDO's notes.

For each $1,000 principal amount of notes, Citigroup will pay $660 for income notes and $980 for the class A-1 notes. The company was to pay $970 for the class A-2 notes, $940 for class B notes and $920 for class C notes.

The company will also pay accrued interest up to but excluding the settlement date on the class A-1 notes but not the income notes.

Citi previously said that tenders of income notes will be accepted in any denomination and that tenders of the remaining notes will only be accepted in minimum denominations of $500,000.

Of the $23 million class A-1 notes issued, $2,569,950.37 is the remaining unpaid principal amount outstanding. Citigroup said the issues under Cusip G16522AA5 and Cusip 11765TAA6 have had a principal paydown, and the purchase price reflects consideration after such paydown.

The offers were conditioned on the receipt of tenders for at least $15.18 million of the income notes. They were not conditioned on financing.

Global Bondholder Services Corp. was the information agent and depositary (212 430-3774 or 866 294-2200). Questions may be directed to Citi's John Clements (212 723-6173).

Citigroup is a financial services company based in New York.

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