Citigroup completes roughly $1 billion offer for 12 series of notes

By Jennifer Chiou

New York, Dec. 28 - Citigroup Inc. announced the final results for its cash tender offer to covering 12 series of its outstanding notes with a total outstanding amount of $18,436,573,000. The company accepted tenders for about $1 billion of the securities.

Holders had until 5 p.m. ET on Dec. 7 to receive the total payment including the early tender premium. The early tender deadline was originally set for 5 p.m. ET on Dec. 5.

The offer ended at 11:59 p.m. on Dec. 21, previously extended from 11:59 p.m. ET on Dec. 19. The offer began on Nov. 21.

Citigroup was to pay accrued interest up to but excluding the settlement date of Dec. 27.

The bank noted that it has reduced its debt by $13.9 billion so far this year through various liability management actions.

The company accepted the following tenders in its fixed-spread offer:

• $125 million of the $411.98 million tenders for the $2,612,299,000 of 6.5% senior notes due 2013;

• $100 million of the $298,693,000 of tenders for the $1,805,000,000 of 6% senior notes due 2013;

• $224.95 million of $230.12 million tenders for the $1,565,000,000 of 5.125% senior notes due 2014;

• $25 million of the $85.34 million of tenders for the $1,952,000,000 of 5.5% senior notes due 2014;

• $25 million of the $230.05 million of tenders for the $1,718,491,000 of 6.01% senior notes due 2015;

• $180 million of the $183,094,000 of tenders for the $2,365,809,000 of 4.75% senior notes due 2015;

• $10 million of the $42.88 million of tenders for the $724 million of 4.7% senior notes due 2015;

• $25 million of the $145.17 million of tenders for the $1.83 billion of 4.587% senior notes due 2015; and

• $25 million of the $107.89 million of tenders for the $961,376,000 of 5.3% senior notes due 2016.

Three series of notes were included in the fixed-price offers. Citigroup accepted the following:

• All $79.94 million of tenders for its $1,392,685,000 of floating-rate senior notes due 2013 at a price of $1,011.25 per $1,000 principal amount, including a $30.00 per $1,000 early tender premium;

• All $38.94 million of tenders for its $979,913,000 of floating-rate senior notes due January 2014 at a price of $1,012.50 per $1,000 principal amount, including a $30.00 per $1,000 early tender premium; and

• $155 million of the $164.55 million of tenders for the $530 million of floating-rate senior notes due April 2014 at a price of $1,007.50 per $1,000 principal amount, including a $30.00 per $1,000 early tender premium.

Each individual offer was subject to the condition that holders tender the amount that Citigroup is offering to buy.

Citigroup had the option increase the cap for one or more series of notes or waive the condition that holders tender the minimum tender condition.

Citigroup Global Markets Inc. was the dealer manager (800 558-3745 or 212 723-6106). Global Bondholder Services Corp. was the depositary and information agent (866 873-7700 or call collect 212 430-3774).

Citigroup is a New York-based financial institution.

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