Citigroup greenshoe exercised, lifts 8.5% perpetual preferreds to $4 billion

By Devika Patel

Knoxville, Tenn., May 20 - Underwriters for Citigroup Inc.'s issue of 8.5% non-cumulative perpetual preferred stock exercised their over-allotment option for $2 billion more of the shares, increasing the size of the issue to $4 billion, according to a filing with the Securities and Exchange Commission Tuesday.

As previously reported, Citigroup priced the preferreds at par of $25 on May 6 through bookrunner Citigroup Global Markets Inc. Co-managers were Banc of America Securities LLC, RBC Capital Markets Corp., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman Brothers Inc. and Wells Fargo Securities, LLC.

The preferreds (A2/A/A+) are non-callable until June 15, 2013.

The financial services company is based in New York.

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