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Citigroup wraps tender offers for four series of sterling, euro notes
By Susanna Moon
Chicago, Dec. 1 – Citigroup Inc. announced the results of the cash tender offer for four series of its notes that ran until 11 a.m. ET on Nov. 30.
The company accepted for purchase all of the tendered notes, as follows, with settlement on Dec. 7:
• £226,920,000 of the £400 million (£396,428,000 outstanding) 5.875% fixed-rate subordinated notes due 2024;
• £35,262,000 of the £400 million (£150,214,000 outstanding) 6.5% fixed-rate notes due 2030;
• £28,620,000 of the £800 million (£479,322,000 outstanding) 6.8% fixed-rate notes due 2038; and
• €80,770,000 of the €1.25 billion (€599,909,000 outstanding) 4.25% fixed-rate/floating-rate callable subordinated notes due 2030.
The company said on Nov. 17 that it would purchase up to £200 million of the 2024 sterling notes, up to £30 million of the 2030 sterling notes, up to £150 million of the 2038 sterling notes and up to €150 million of the euro notes.
Pricing was to be set 8 a.m. ET on Dec. 1 using the reference security rate plus a fixed spread, as follows:
• For the 2024 sterling notes, the 5% Gilt due March 2025 plus 155 basis points;
• For the 2030 sterling notes, the 4.75% Gilt due December 2030 plus 115 bps;
• For the 2038 sterling notes, the 4.75% Gilt due December 2038 plus 150 bps; and
• For the euro notes, the interpolated mid-swap rate plus 125 bps.
The company will also pay accrued interest.
The offers were not contingent upon the tender of any minimum amount of notes.
The New York-based banking and financial services company has retained its affiliate Citigroup Global Markets Ltd. (attn.: liability management group, +44 20 7986 8969, liabilitymanagement.europe@citi.com) as the dealer manager and its affiliate Citibank, NA, London Branch (attn.: exchange team, +44 20 7508 3867, exchange.gats@citi.com) as tender agent for the offers.
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