Citi to price putable fixed-to-floaters with 1.15%-1.25% initial rate

By Angela McDaniels

Tacoma, Wash., Dec. 5 – Citigroup Global Markets Holdings Inc. plans to price fixed-to-floating notes due Dec. 13, 2046, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

The interest rate will be fixed for the first five years. The fixed interest rate is expected to be 1.15% to 1.25% per year and will be set at pricing. After five years, the interest rate will be equal to Libor. Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Beginning Dec. 13, 2021, the notes will be putable annually subject to a minimum repurchase amount of $100,000. The repurchase price will be $990 per $1,000 principal amount and will increase to par on Dec. 13, 2032.

Citigroup Global Markets Inc. and UBS Financial Services Inc. are the underwriters.

The notes will price Dec. 8.

The Cusip number is 17324CCV6.

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