Citigroup plans fixed-to-floaters due 2023 with 2.3% initial rate

By Marisa Wong

Madison, Wis., June 7 - Citigroup Inc. plans to price non-callable fixed-to-floating notes due June 19, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.3% for the first two years. After that, it will be Libor plus a spread of 100 basis points, up to a maximum rate of 7%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The notes (Cusip: 1730T0TV1) are expected to price on June 14 and settle three business days after that.

Citigroup Global Markets Inc. will be the underwriter.

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