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Citigroup tenders for up to $230 million of three series of notes
By Jennifer Chiou
New York, Feb. 14 - Citigroup Inc. began tender offers for its $326,241,000 of outstanding 5.85% notes due 2034, $302,935,000 of outstanding 5.875% notes due 2037 and $918,041,000 of outstanding 6.875% notes due 2038, according to a company news release.
The company is offering to purchase up to $65 million principal amount of 5.85% notes, up to $65 million principal amount of 5.875% notes and up to $100 million principal amount of 6.875% notes.
The offers will expire at 11:59 p.m. ET on March 14.
The total consideration will include an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early tender date, 5 p.m. ET on Feb. 28.
The total consideration for each series of notes will equate to a yield to maturity equal to a fixed spread over the bid-side price of the 3.75% Treasury due Nov. 15, 2043 at 2 p.m. ET on March 3. The fixed spread is 110 basis points for the 5.85% notes and 120 bps for the other two series.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be March 19.
The dealer manager is Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The depositary and information agent is Global Bondholder Services Corp. (866 807-2200 or 212 430-3774).
Citigroup is a financial services company based in New York.
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