| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders > News item |
Citigroup begins tender offer for euro, Swiss franc subordinated debt
By Angela McDaniels
Tacoma, Wash., April 25 - Citigroup Inc. began a tender offer for its outstanding €890.24 million of 4.25% fixed-rate/floating-rate callable subordinated notes due 2030, €1.2 billion of 4.75% fixed-rate/floating-rate callable subordinated notes due 2017 and CHF 300 million of 2.75% fixed-rate/floating-rate callable subordinated notes due 2021, according to a company news release.
The company plans to accept for purchase up to €400 million principal amount of euro notes and up to CHF 100 million principal amount of the Swiss franc notes from eligible holders.
The company will determine the allocation of funds between each series at its sole discretion and reserves the right to accept for purchase significantly more or less (or none) of the notes of any one series as compared to the other series.
The purchase price for the euro notes due 2030 will be set by reference to the interpolated mid-swap rate plus a purchase spread that will be determined through a modified Dutch auction procedure. The maximum spread is 180 basis points. Pricing will be set at 8 a.m. ET on May 9.
The purchase price for the euro notes due 2017 will be €983.75 per €1,000 principal amount of notes.
The purchase price for the Swiss franc notes will be CHF 1,025 per CHF 1,000 principal amount of notes.
The offers will end at 11 a.m. ET on May 8. The settlement date is expected to be May 16.
The tender offers are subject to some conditions, but they are not contingent on the tender of any minimum principal amount of notes.
The dealer manager is Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com). The tender agent is Citibank, NA, London Branch (+44 20 7508 3867 or email exchange.gats@citi.com).
Citigroup is a financial services company based in New York City.
© 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.