Citigroup to redeem all $750 million of series B preferred stock

By Wendy Van Sickle

Columbus, Ohio, July 14 – Citigroup Inc. will redeem all $750 million liquidation preference of its 5.9% fixed-rate/floating-rate non-cumulative series B preferred stock, according to a news release.

The preferreds and related depositary shares will be repaid on Aug. 15 at par of $1,000 per depositary share plus the regular quarterly dividend payable on that date.

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

Computershare Trust Co., NA is the paying agent.

Citigroup is a New York-based bank.

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