Citigroup extends offer, ups cap for 7.375%, 4% notes to €725 million

By Jennifer Chiou

New York, Dec. 6 - Citigroup Inc. announced the extension of its offer for a portion of its €1.5 billion of 7.375% senior notes due June 16, 2014 and €1,199,592,000 of 4% senior notes due Nov. 26, 2015.

The offer is being made to holders outside of the United States.

The deadline is now 11 a.m. ET on Dec. 7, instead of Dec. 5. The offer began on Nov. 26.

In addition, the company is now tendering for up to €650 million of the 7.375% notes, increased from €400 million.

The series tender cap remains at €75 million for the 4% notes.

According to a news release, thus far this year, excluding the tender offer, Citigroup has decreased its outstanding long-term debt by about $13.9 billion through liability management initiatives.

As of the original deadline, holders had validly tendered €795,651,000 total of the notes, including €597.51 million of the 7.375% notes and €198,141,000 of the 4% notes.

Settlement is expected on Dec. 12.

Citigroup Global Markets Ltd. is the dealer manager (44 20 7986 8969 or liabilitymanagement.europe@citi.com), and Lucid Issuer Services Ltd. is the tender agent (attn: Paul Kamminga at 44 20 7704 0880 or citi@lucid-is.com).

Citigroup is a New York-based financial institution.

© 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.