Citigroup receives tenders for €67.21 million 4.25% fixed-to-floaters

By Angela McDaniels

Tacoma, Wash., Sept. 23 – Citigroup Inc. received tenders for €67,205,000 of its €519,139,000 outstanding 4.25% fixed-to-floating rate callable subordinated notes due 2030, according to a company announcement.

The tendered notes have been accepted in full.

The company will pay 122.996% of par plus accrued interest.

Pricing was set on Sept. 23 using the benchmark interpolated mid-swap rate plus a fixed spread of 120 basis points. The benchmark rate is 0.138%, and the purchase yield is 1.338%.

The tender offer began Sept. 15 and ended at 11 a.m. ET on Sept. 22. The settlement date is expected to be Sept. 30.

Following settlement, €451,934,000 of the notes will remain outstanding.

Citigroup said it will continue to consider opportunities to redeem or repurchase more of its notes.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) was the dealer manager, and Citibank, NA, London Branch (+44 20 7508 3867 or exchange.gats@citi.com) was the tender agent.

Citigroup is a financial services company based in New York.

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