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Citigroup begins tender offers for euro, sterling, Swiss franc notes
By Angela McDaniels
Tacoma, Wash., June 9 – Citigroup Inc. began tender offers for its €815,708,000 of outstanding 4.25% fixed-rate/floating-rate callable subordinated notes due 2030, £168,881,000 of outstanding 6.5% fixed-rate senior notes due 2030 and CHF 346,325,000 of outstanding 3% fixed-rate notes due 2019, according to a company news release.
The company is offering to purchase up to €100 million nominal amount of the euro notes. It will purchase any and all of the sterling notes and Swiss franc notes tendered in the offers.
The purchase price for the Swiss franc notes is CHF 1,115 per CHF 1,000 principal amount.
For the euro notes, the purchase price will be determined by reference to the interpolated mid-swap rate plus 105 basis points.
For the sterling notes, the purchase price will be determined by reference to the yield of the 4.75% U.K. treasury gilt due December 2030 plus 115 bps.
The company will also pay accrued interest.
The offer will end at 11 a.m. ET on June 17.
Pricing for the euro notes and the sterling notes will happen at 8 a.m. London time on June 18.
The settlement date is expected to be June 25.
The tender offers are subject to, and conditional upon, the satisfaction or waiver of a number of conditions. They are not contingent upon the tender of any minimum nominal amount of notes.
The dealer manager is Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com). The tender agent is Citibank, NA, London Branch (+44 20 7508 3867 or email exchange.gats@citi.com.
Citigroup is a financial services company based in New York City.
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