Citigroup to redeem all $2.29 billion of series Q, R preferred stock

By Wendy Van Sickle

Columbus, Ohio, April 16 – Citigroup Inc. will redeem all $1.25 billion liquidation preference of its 5.95% fixed-rate/floating-rate non-cumulative series Q preferred stock and all $1,035,000,000 liquidation preference of its 6.125% fixed-rate/floating-rate non-cumulative series R preferred stock, according to a news release.

The redemption date will be May 17. The series redemption price will be par of $1,000 plus the regular quarterly dividend of $10.721875 per series Q depositary share and $11.679375 per series R depositary share.

Citigroup said the redemptions are part of its continuing liability management strategy, which is intended to “enhance the efficiency of its funding and capital structure.”

Citigroup is a New York-based bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.