Citigroup tenders for five series of notes issued by Bryant Park CDO

By Angela McDaniels

Tacoma, Wash., July 11 - Citigroup Global Markets Inc. began a tender offer for any and all of the $40 million Income Notes due 2019 issued by Bryant Park CDO Ltd., according to a company news release.

The company also began a tender offer for any and all of the $23 million class A-1 floating-rate senior notes due 2019, $28 million class A-2 floating-rate senior notes due 2019, $30 million class B floating-rate deferrable senior subordinated notes due 2019 and $21 million class C floating-rate deferrable senior subordinated notes due 2019 issued by Bryant Park CDO Ltd. and Bryant Park CDO Inc.

For each $1,000 principal amount of notes, Citigroup will pay $660 for Income Notes, $980 for class A-1 notes, $970 for class A-2 notes, $940 for class B notes and $920 for class C notes.

The company will also pay accrued interest up to but excluding the settlement date on all but the Income Notes.

Tenders of Income Notes will be accepted in any denomination. Tenders of the remaining notes will only be accepted in minimum denominations of $500,000.

The offers will expire at 11:59 p.m. ET on Aug. 5.

Of the $23 million class A-1 notes issued, $2,569,950.37 remains outstanding. Citigroup said the issues under Cusip G16522AA5 and Cusip 11765TAA6 have had a principal pay down, and the purchase price reflects consideration after such pay down.

The offers are conditioned on the receipt of tenders for at least $15.18 million of the Income Notes. They are not conditioned on financing.

Citigroup is a current owner of $11.5 million of the Income Notes. The company said it does not believe that it is an "affiliate" of the issuer within the meaning of the Securities Act.

Questions about the offers should be directed to John Clements, managing director of Citigroup's structured credit group, at 212 723-6173. Requests for documentation should be directed to the information agent and depositary for the offers, Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 866 294-2200).

Citigroup is a financial services company based in New York.

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