Citigroup plans callable step-up coupon notes with 1.5% initial rate

By Marisa Wong

Madison, Wis., Nov. 20 – Citigroup Inc. plans to price callable step-up coupon notes due Dec. 23, 2019, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 1.5% for the first year and will step up to 1.75% on Dec. 23, 2015, to 2% on Dec. 23, 2016, to 2.25% on Dec. 23, 2017 and to 2.5% on Dec. 23, 2018. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning on Dec. 23, 2015, the notes will be callable at par on any interest payment date.

Citigroup Global Markets Inc. is the underwriter.

The notes are expected to price Dec. 18.

The Cusip number is 1730T03F4.

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