By Andrea Heisinger
Omaha, April 21 - Citigroup Inc. priced $6 billion perpetual hybrid non-cumulative preferred stock on Monday at par, an informed source said.
The preferreds have a dividend of 8.4% until April 13, 2018 and then a floating rate of the greater of three-month Libor plus 402.85 basis points or 7.7575%.
The shares are non-callable for 10 years.
Citigroup Global Markets Inc. was the bookrunner.
The financial services company is based in New York City.
| Issuer: | Citigroup Inc.
|
| Issue: | Hybrid non-cumulative preferred stock
|
| Amount: | $6 billion
|
| Maturity: | Perpetual
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Dividend: | 8.4% until April 13, 2018, then greater of three-month Libor plus 402.85 bps or 7.7575%
|
| Price: | Par
|
| Call: | Non-callable for 10 years
|
| Trade date: | April 21
|
| Settlement date: | April 28
|
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