Citigroup plans 25-year callable step-up notes with 3.65% initial rate

By Susanna Moon

Chicago, Feb. 15 – Citigroup Global Markets Holdings Inc. plans to price callable step-up securities due Feb. 28, 2042, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Inc.

Interest will be 3.65% for the first eight years, stepping up to 4% in February 2025, to 4.5% in February 2032, to 5% in February 2035 and to 7% in February 2038. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning Feb. 28, 2022.

Citigroup Global Markets Inc. is the agent.

The notes will price on Feb. 23.

The Cusip number is 17290JBE0.

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