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Citigroup decides to partially redeem series J preferred stock
Chicago, Nov. 29 – Citigroup Inc. will be redeeming 16,000 $25-par shares of its 7.125% series J fixed-to-floating rate noncumulative preferred stock, according to a press release.
There are 38,000 shares outstanding, or $950 million in aggregate liquidation preference.
The $400 million redemption will take place on Dec. 29.
Holders of record on Dec. 18 will receive the previously declared dividend on the redemption date.
The shares to be redeemed will be selected in accordance with the applicable procedures of the Depositary Trust Co.
The shares, according to the original offering document, became redeemable on any dividend payment date as of Sept. 30. The rate reset to a floating rate on that same date. Initially, it was Libor plus 404 basis points when the shares priced.
Computershare Trust Co., the paying agent, can be contacted with questions (888 250-3985).
Citigroup is a New York-based bank.
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