Citigroup completes tender offer for numerous series of notes

By Jennifer Chiou

New York, Feb. 4 - Citigroup Inc. announced the receipt of tenders from a total of roughly $3.02 billion of notes in its offer for 10 series of notes that ended at 5 p.m. ET on Feb. 3.

The offer began on Jan. 21 and is not expected to have any impact on the company's structural liquidity, according to a news release.

The notes had a total outstanding principal amount of about $7.32 billion based on U.S. dollar exchange rates at Jan. 20.

Citigroup said that the accepted tenders in the offer include:

• $641,695,300 of its $1.25 billion of 4.625% notes due 2010;

• $293,486,000 of its $2 billion of 5.125% notes due 2011;

• ¥7.8 billion of its ¥25 billion of 0.7% notes due 2010;

• ¥3.2 billion of its ¥30 billion of 1.51% notes due 2010;

• ¥24.7 billion of its ¥30 billion of floating-rate notes due June 22, 2010;

• ¥35.5 billion of its ¥75 billion of 0.74% notes due 2010;

•£392,549,000 of its £500 million of floating-rate notes due 2010;

• CHF 74.44 million of its CHF 350 million of 1.75% notes due 2010;

• A$367.18 million of its A$450 million of floating-rate notes due June 9, 2010; and

• A$316.02 million of its A$800 million of 5.75% notes due June 9, 2010.

The company was offering 102.25 for the 4.625% U.S. dollar-denominated notes, 103.25 for the 5.125% U.S. dollar-denominated notes, 100.5 for the 1.75% Swiss franc-denominated notes, 100.25 for the 5.75% Australian-denominated notes and par for the remaining notes.

Holders are also to receive accrued interest up to but excluding the settlement date, which is expected to be Monday.

Citigroup said the offer was part of a liability management strategy that uses excess cash to retire generally older vintage debt nearing maturity.

The dealer manager was Citigroup Global Markets Inc. (800 558-3745 or +44 20 7986-8969). Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) was the depositary and information agent for the U.S. dollar-denominated notes, and Lucid Issuer Services Ltd. (+44 20 7704-08800) was the tender agent and information agent for notes that are not denominated in U.S. dollars and that are held at Euroclear or Clearstream.

Questions about notes that are not denominated in U.S. dollars and that are not held at Euroclear or Clearstream could be directed to the dealer manager.

Citigroup is a financial services company based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.