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Citigroup considering $3 billion issue of trust preferred securities
By Angela McDaniels
Tacoma, Wash., Dec. 14 - Citigroup Inc. may issue up to $3 billion of trust preferred securities in the first quarter of 2010, according to a company news release.
The company said the move would be designed to support its capital strength.
Under an agreement to repay the $20 billion of trust preferreds held by the U.S. government, Citigroup will immediately issue $17 billion in new common stock, $3.5 billion of tangible equity units as well as $1.7 billion of stock compensation to employees in lieu of cash. The company said these actions will improve its pro forma tier 1 capital ratio to 11.0% as of the end of the third quarter from 12.8%.
Citigroup is a financial services company based in New York.
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