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Citigroup holders tender $297.99 million in offers for three series
By Angela McDaniels
Tacoma, Wash., March 17 - Citigroup Inc. received tenders for $297.99 million of notes in the 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.
Holders tendered $22,292,000 of the 5.85% notes, $100,174,000 of the 5.875% notes and $175,524,000 of the 6.875% notes. All of the tendered notes have been accepted for purchase.
The company offered to buy back up to $65 million of the 5.85% notes, up to $105 million of the 5.875% notes and up to $175 million of the 6.875% notes. The caps for the 5.875% notes and 6.875% notes were increased from $65 million and $100 million, respectively.
Holders had tendered $22,177,000 of 5.85% notes, $100,111,000 of 5.875% notes and $174,329,000 of 6.875% notes as of 5 p.m. ET on Feb. 28, the early tender date.
The offers ended at 11:59 p.m. ET on March 14.
The total purchase price for each $1,000 principal amount is $1,157.58 for the 5.85% notes, $1,156.11 for the 5.875% notes and $1,301.05 for the 6.875% notes. The total purchase prices each include an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early tender date.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be March 19.
Pricing for each series of notes was set at 2 p.m. ET on March 3 using a yield to maturity of the bid-side price of the 3.75% Treasury due Nov. 15, 2043 plus a fixed spread of 110 basis points for the 5.85% notes and 120 bps for the other two series of notes. The reference yield was 3.556%.
The dealer manager was Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The depositary and information agent was Global Bondholder Services Corp. (866 807-2200 or 212 430-3774).
Citigroup is a financial services company based in New York City.
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