By Devika Patel
Knoxville, Tenn., March 30 – Citigroup Inc. hired nine women-owned broker-dealers to assist in the distribution of its $4 billion of 4.412% fixed-to-floating rate senior notes due March 31, 2031 (A3/BBB+/A) that priced on March 24 at a spread of Treasuries plus 360 basis points, according to a press release.
Initial talk was in the Treasuries plus 375 bps area.
The fixed-to-floaters will reset to a floating rate linked to SOFR after the initial fixed-rate period.
Citigroup Global Markets Inc. was the bookrunner.
The women-owned broker-dealer firms included Capital Institutional Services, Inc., C.L. King & Associates, Inc., MFR Securities, Inc., North South Capital, LLC, R. Seelaus & Co., LLC, Siebert Williams Shank & Co., LLC, Stern Brothers & Co., Telsey Advisory Group LLC and Tigress Financial Partners LLC.
The New York-based financial services company plans to use the proceeds for general corporate purposes.
| Issuer: | Citigroup Inc.
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| Amount: | $4 billion
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| Maturity: | March 31, 2031
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| Description: | Fixed-to-floating rate senior notes
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| Bookrunner: | Citigroup Global Markets Inc.
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| Coupon: | 4.412%; resets to floating rate after fixed-rate period
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| Spread: | Treasuries plus 360 bps
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| Trade date: | March 24
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| Ratings: | Moody’s: A3
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| S&P: BBB+
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| Fitch: A
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| Price guidance: | Treasuries plus 375 bps area
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