By Wendy Van Sickle
Columbus, Ohio, June 25 – Citigroup Inc. priced $154.75 million of fixed-to-floating rate notes due June 28, 2024 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 0.4% per year initially. Beginning on Sept. 28, the interest rate is SOFR plus a spread of 50 basis points, subject to a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Inc.
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Issue: | Fixed-to-floating rate notes
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Underlying rate: | SOFR
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Amount: | $154.75 million
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Maturity: | June 28, 2024
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Coupon: | 0.4% per year until Sept. 28; then SOFR plus 50 bps, with floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 23
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Settlement date: | June 28
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.2%
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Cusip: | 17290A2W9
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