Citigroup plans 20-year callable step-up notes with 3% initial rate

By Marisa Wong

Morgantown, W.Va., June 15 – Citigroup Global Markets Holdings Inc. plans to price callable step-up coupon notes due June 21, 2037, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

Interest will be 3% initially, stepping up to 3.5% in June 2022, to 4% in June 2027, to 5% in June 2031, to 6% in June 2034, to 7% in June 2035 and to 9% in June 2036. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly redemption date after five years.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on June 16.

The Cusip number is 17290JDE8.

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