Citigroup Announces Partial Redemption of Series J Preferred Stock
29 Novembro 2023 - 6:15PM
Business Wire
Citigroup Inc. is redeeming 16,000 shares out of 38,000 shares
outstanding of its 7.125% Fixed Rate / Floating Rate Noncumulative
Preferred Stock, Series J (ticker “C Pr J”) (the “Preferred
Stock”), equivalent to $400 million out of an outstanding total of
$950 million aggregate liquidation preference of Series J
Depositary Shares representing interests in its Preferred
Stock.
The redemption date for the Preferred Stock and related
Depositary Shares is December 29, 2023 (the “Redemption Date”). The
cash redemption price, payable on the Redemption Date for each
Depositary Share, will equal $25. Holders of record on December 18,
2023, will receive the previously declared regular quarterly
dividend of $0.606026875 per Depositary Share payable on the
Redemption Date. The Depositary Shares to be redeemed will be
selected in accordance with the applicable procedures of The
Depositary Trust Company.
The redemption announced today is consistent with Citigroup’s
liability management strategy, and reflects its ongoing efforts to
enhance the efficiency of its funding and capital structure.
Citigroup’s redemptions are based on several factors, including
without limitation, the economic value, regulatory changes,
potential impact on Citigroup's net interest margin and borrowing
costs, the overall remaining tenor of Citigroup's debt portfolio,
capital impact, as well as overall market conditions.
Dividends on the Depositary Shares representing the Preferred
Stock that are redeemed will cease to accrue beginning on the
Redemption Date. Depositary Shares not selected for redemption will
remain outstanding after the Redemption Date and will continue to
accrue dividends, when declared on the outstanding Preferred
Stock.
Computershare Trust Company, N.A. (“Computershare”) is the
paying agent for the Depositary Shares. The paying agent’s address
is Computershare Trust Company, Attn: Corporate Actions, 150 Royall
Street, Canton, MA 02021. Questions relating to the notice of
redemption and related materials should be directed to
Computershare via telephone at 1-888-250-3985.
For further information on the Preferred Stock and the related
Depositary Shares, please see the prospectus at the following web
address:
https://www.citigroup.com/rcs/citigpa/akpublic/storage/public/ps_7125seriesj.pdf
About Citi
Citi is a preeminent banking partner for institutions with
cross-border needs, a global leader in wealth management and a
valued personal bank in its home market of the United States. Citi
does business in nearly 160 countries and jurisdictions, providing
corporations, governments, investors, institutions and individuals
with a broad range of financial products and services.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube:
www.youtube.com/citi | Facebook: www.facebook.com/citi
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version on businesswire.com: https://www.businesswire.com/news/home/20231129499412/en/
Media Contact: Danielle Romero Apsilos 212 816 2264
danielle.romeroapsilos@citi.com
Fixed Income Investor Contact: Peter Demoise 212 559 2718
peter.demoise@citi.com
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