Citigroup announces planned adjustment of T-DECS settlement rates

By Tali David

Minneapolis, Nov. 14 - Citigroup Inc. plans to adjust the settlement rates of its tangible dividend enhanced common stock (T-DECS) on Nov. 21, the company announced in a press release.

The rates will be adjusted as follows:

• The minimum settlement rate will change to 2.5451 from 2.5444;

• The maximum settlement rate will change to 3.1813 from 3.1804;

• The reference price will change to $31.43 from $31.44; and

• The threshold appreciation price will change to $39.29 from $39.30.

The company said that the adjustments are due to a $0.01 dividend per share of common stock to be paid on Nov. 21.

No adjustment will be made to the terms of Citi's warrants or convertible preferred stock because the amount of the dividend is less than the threshold amount required for an adjustment.

Citigroup is a financial services company based in New York.

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