Citigroup remarketing junior subordinated notes as $1.875 billion in three-year notes

By Andrea Heisinger

New York, June 9 - Citigroup Inc. is remarketing its issue of 6.455% junior subordinated deferrable debentures as $1.875 billion in three-year notes, according to a 424B2 filing with the Securities and Exchange Commission.

There was no word on if the deal had priced as of press time.

The notes (A3/A/A+) were originally issued as debentures due on Sept. 15, 2041 to Citigroup Capital XXX. In early May they were given senior ranking, giving them a shorter maturity. Then on May 24, Citigroup Capital XXX was dissolved and the notes distributed to holders of the capital securities.

The remarketed notes are non-callable.

Citigroup Global Markets Inc. is the remarketing agent.

Proceeds will not go to Citigroup Inc. but are instead being used to pay the remarketing agent, to purchase an interest-bearing deposit with Citibank, and if any money is remaining, will be remitted to holders of Upper DECS Equity Units participating in the remarketing.

The financial services company is based in New York City.

© 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.