By Cristal Cody
Tupelo, Miss., May 7 – Citigroup Inc. priced $1.5 billion of 1.5% green fixed-to-floating rate senior notes due May 15, 2024 (A3/BBB+/A) on Thursday at a spread of Treasuries plus 150 basis points, according to a market source.
Initial talk was in the Treasuries plus 170 bps area.
The notes will reset after the initial fixed-rate period to a floating rate of SOFR plus 166.7 bps.
Citigroup Global Markets Inc. was the bookrunner.
Proceeds will be used to finance projects that contribute to climate change mitigation as well as projects that promote sustainable infrastructure.
The New York-based financial services company plans to use the proceeds for general corporate purposes.
| Issuer: | Citigroup Inc.
|
| Amount: | $1.5 billion
|
| Maturity: | May 15, 2024
|
| Description: | Green fixed-to-floating rate senior notes
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 1.5%; resets after fixed-rate period to SOFR plus 166.7 bps
|
| Spread: | Treasuries plus 150 bps
|
| Trade date: | May 7
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 170 bps area
|
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