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Citigroup plans callable step-up coupon notes with 2.25% initial rate
By Susanna Moon
Chicago, May 12 – Citigroup Global Markets Holdings Inc. plans to price callable step-up coupon notes due May 26, 2024, according to a 424B3 filing with the Securities and Exchange Commission.
Interest will be 2.25% initially, stepping up to 3.5% in November 2020, to 4% in November 2021, to 5% in November 2022 and to 7% in November 2023. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any quarterly date beginning May 26, 2020.
Citigroup Global Markets Inc. is the underwriter.
The notes are guaranteed by Citigroup Inc.
The notes will price on May 23.
The Cusip number is 17324CJ72.
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