Citigroup Announces Approximately €1.1 Billion Redemption of 4.75% Fixed / Floating Rate Callable Subordinated Notes due Ma...
July 28 2016 - 04:00PM
Business Wire
Citigroup Inc. is announcing the redemption, in whole,
constituting €1,067,166,000 in aggregate principal amount, of its
4.750% Fixed / Floating Rate Callable Subordinated Notes due May
2017 (the “notes”) (ISIN: XS0303074883).
The redemption date for the notes is August 31, 2016. The cash
redemption price payable for the notes on the redemption date will
equal par plus €360,968.90 in accrued and unpaid interest. 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. Since 2014,
Citigroup redeemed or retired $31.8 billion of its securities,
reducing Citigroup’s overall funding costs. Citigroup will continue
to consider opportunities to redeem or repurchase securities, 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.
Citigroup's Basel III Tier 2 Capital will not be affected by the
planned redemption.
Beginning on the redemption date, the notes will no longer be
considered outstanding and interest will no longer accrue on such
securities.
Citibank, N.A. and Dexia Banque Internationale à Luxembourg,
société anonyme are the paying agents for the notes. For further
information on the notes, please see the related final terms at the
following web address:
http://www.citigroup.com/citi/fixedincome/data/docs/475due053117mtn.pdf
Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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version on businesswire.com: http://www.businesswire.com/news/home/20160728006550/en/
For Citigroup Inc.Media:Mark Costiglio,
212-559-4114orInvestors:Susan Kendall, 212-559-2718orFixed Income
InvestorsThomas Rogers, 212-559-5091
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