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Citigroup offers to buy back up to $1.25 billion of four note series
By Angela McDaniels
Tacoma, Wash., May 16 - Citigroup Inc. began tender offers for four series of notes, according to a company news release.
The company is offering to purchase any and all of its ¥35 billion of 1.86% notes due 2012.
It is holding a second tender for its £600 million of floating-rate notes due 2012, $1,655,200,000 of floating-rate notes due 2012 and CHF 250 million of 2.75% notes due 2012. The notes are listed in order of acceptance priority.
Citigroup will purchase no more than $1.25 billion principal amount of notes in the offers. If the total amount of tendered notes expressed in dollars exceeds this cap, the notes in the second offer will be subject to proration.
The purchase price is 101.75% of par for the 1.86% notes, 100.25% of par for both series of floating-rate notes and 102.625% of par for the 2.75% notes. These amounts include a premium equal to 3% of par for notes tendered by the early tender date, which is 5 p.m. ET on June 1.
Holders will receive accrued interest up to but excluding the settlement date.
Payment will be made in the currency in which the notes are denominated.
The offers will expire at 11:59 p.m. ET on June 24.
In addition, Citibank (South Dakota), NA began tender offers for up to $4.84 billion of asset-backed securities issued by Citibank Credit Card Issuance Trust. That offer will expire at 11:59 p.m. ET on June 15.
The offers are not contingent on the tender of any minimum principal amount of notes. Citigroup said they are part of a liability management strategy that uses excess cash to retire generally older vintage debt.
The dealer manager is Citigroup Global Markets Inc. (800 558-3745). Global Bondholder Services Corp. (866 873-7700 or 212 430-3774) is the depositary and information agent for notes denominated in dollars, and Lucid Issuer Services Ltd. (44 20 7704-0880) is the tender agent and information agent for notes that are both denominated in currencies other than dollars and that are held at Euroclear or Clearstream.
Citigroup is a financial services company based in New York.
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