Citigroup plans callable step-up coupon notes with 3% start rate

By Sarah Lizee

Olympia, Wash., Aug. 13 – Citigroup Global Markets Holdings Inc. plans to price callable step-up coupon notes due Aug. 20, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Inc.

Interest will be 3% initially, stepping up to 3.5% on Aug. 20,2025, to 4% on Aug. 20, 2027 and to 5% on Aug. 20, 2028.

Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable in whole at par on any quarterly redemption date beginning on Aug. 20, 2020.

Citigroup Global Markets Inc. is the underwriter.

The notes are expected to price on Aug. 15.

The Cusip number is 17327TQN9.

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