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Citigroup begins tender offers for sterling notes, two euro notes
By Angela McDaniels
Tacoma, Wash., Sept. 2 – Citigroup Inc. began tender offers for its £308.89 million of outstanding 4.5% fixed-rate subordinated notes due 2031, €639,941,000 of outstanding 4.25% fixed-rate/floating-rate callable subordinated notes due 2030 and €1,459,924,000 of 4.375% fixed-rate notes due 2017, according to a company news release.
The company is offering to purchase up to £125 million principal amount of the sterling notes, up to €125 million principal amount of the euro notes due 2030 and up to €150 million principal amount of the euro notes due 2017.
The purchase price for the sterling notes will be determined by reference to the sum of the 4.75% U.K. Treasury gilt due December 2030 plus 195 basis points.
The purchase price for the euro notes due 2030 will be determined by reference to the sum of the 2030 interpolated mid-swap rate plus 140 bps.
The purchase price for the euro notes due 2017 will be determined by reference to the sum of the 2017 interpolated mid-swap rate plus 20 bps.
The purchase prices will be set at 8 a.m. ET on the business day following the expiration deadline.
The company will also pay an accrued interest.
The offers will end at 11 a.m. ET on Sept. 11. The settlement date is expected to be Sept. 17.
Since 2013, Citigroup has redeemed or retired $28.7 billion of securities, excluding exchanged securities, of which $6.6 billion was redeemed or retired in 2015. The company said it will continue to consider opportunities to redeem or repurchase securities.
The dealer manager is Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com). The tender agent is Citibank, NA (t +44 20 7508 3867 or exchange.gats@citi.com).
Citigroup is a financial services company based in New York.
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