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Citigroup plans to price fixed-to-floating social bonds due 2025
By Rebecca Melvin
Concord, N.H., Oct. 27 – Citigroup Inc. plans to price an offering of fixed-rate/floating-rate notes due 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The issue was one of three that the bank was heard to be marketing on Wednesday, according to a market source.
The notes will bear interest at a fixed rate for two years and then at a floating rate of compounded SOFR plus a margin until maturity.
The notes are callable in whole at any time or in part from time to time after six months until November 2024 and in whole but not in part from November 2024 and in whole at any time or in part from time to time after October 2025.
In addition, Citigroup may redeem the notes prior to maturity in the event of certain tax changes.
The notes are being offered globally for sale in the United States, Europe and Asia and will not be listed on any securities exchange.
Citigroup Global Markets Inc. is the bookrunner.
Proceeds will be used to finance or refinance a portion of its or its subsidiaries’ portfolio of assets that meet criteria under Citigroup’s Social Finance Framework
Citigroup is a New York-based financial services company.
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