Citigroup accepts $6.3 billion of tenders for several series of notes

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – Citigroup Inc. said it accepted tenders totaling nearly $6.3 billion under several cash tender offers launched on Nov. 17.

The offers expired at 11:59 p.m. ET on Dec. 21.

Citigroup said in press release that it accepted

• $1,332,618,000 in its tender for up to $1,365,000,000 of its $2,268,894,000 6.125% notes due 2018. This total includes $1,289,000 of notes tendered after the early deadline of Dec. 7; and

• $479,791,000 in its tender for up to $615 million of its $1,018,593,000 5.5% notes due 2017, including $177,000 of notes tendered after the early deadline.

In Citigroup’s 6% notes due 2017, 6.125% notes due 2017, 3.375% notes due 2023, 3.875% notes due 2023, 5.85% notes due 2034, 8.125% notes due 2039 and 4.95% notes due 2043, holders had tendered notes exceeding the original tender caps by the early deadline. New tenders were not accepted in those series after the early deadline.

Holders of the notes tendered after Dec. 7 will not receive the early tender premium of $30 per $1,000 principal of notes.

As previously reported, the following amounts of those notes were accepted:

• $958,493,000 of the 6% notes due 2017;

• $2,092,761,000 of the 6.125% notes due 2017;

• $272,864,000 of the 3.375% notes due 2023;

• $567,486,000 of the 3.875% notes due 2023;

• $29,132,000 of the 5.85% notes due 2034;

• $500 million of the 8.125% notes due 2039; and

• $50 million of the 4.95% notes due 2043.

The company also tendered for any and of the all of the $143.3 million outstanding 7.875% notes due 2025 issued by CitiFinancial Credit Co. All $13,106,000 of those tendered notes came in by the early deadline and were accepted.

Citi also said it did not receive the necessary consents from a concurrent consent solicitation in the CitiFinancial notes to make changes it sought to those notes’ indenture.

The company had solicited consents to eliminate substantially all of the restrictive covenants and events of default contained in the indenture governing the CitiFinancial notes.

Holders could not tender any notes without giving their consents or give consents without tendering their notes.

Final settlement is expected for Dec. 28.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 807-2200 or 212 430-3774) is the depositary and information agent.

The banking and financial services company is based in New York.

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