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Citigroup wraps tender offers for euro, sterling, Swiss franc notes
By Susanna Moon
Chicago, June 19 – Citigroup Inc. said it has accepted for purchase all of the notes tendered in the offers that ended at 11 a.m. ET on June 17.
The breakdown for the tendered notes is as follows, according to a company press release:
• €175,767,000 of the €815,708,000 outstanding 4.25% fixed-rate/floating-rate callable subordinated notes due 2030;
• £18,667,000 of the £168,881,000 outstanding 6.5% fixed-rate senior notes due 2030; and
• CHF 184,735,000 of the CHF 346,325,000 outstanding 3% fixed-rate notes due 2019.
The company said on June 9 that it was offering to purchase up to €100 million nominal amount of the euro notes and 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.
Pricing for the euro notes and the sterling notes was set at 4 a.m. ET on June 18.
For the euro notes, the purchase price was set at 118.19 using the interpolated mid-swap rate plus 105 basis points. The benchmark rate was 1.096%, and the purchase yield was 2.146%.
For the sterling notes, pricing was set at 133.532 using the yield of the 4.75% U.K. treasury gilt due December 2030 plus 115 bps. The benchmark rate was 2.408%, and the purchase yield was 3.558%.
The company also will pay accrued interest.
The settlement date is expected to be June 25.
The tender offers were not contingent upon the tender of any minimum 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 e-mail exchange.gats@citi.com.)
Citigroup is a financial services company based in New York City.
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