Citigroup Announces Full Redemption of Series Q Preferred Stock and Series R Preferred Stock
April 16 2021 - 4:15PM
Business Wire
Citigroup Inc. is redeeming, in whole, all the currently
outstanding $1.25 billion aggregate liquidation preference of
Series Q Depositary Shares representing interests in its 5.950%
Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series Q
(the “Series Q Preferred Stock”).
Citigroup is also redeeming, in whole, all the currently
outstanding $1.035 billion aggregate liquidation preference of
Series R Depositary Shares representing interests in its 6.125%
Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series R
(the “Series R Preferred Stock”).
The redemption date for the Series Q Preferred Stock and related
Series Q Depositary Shares and the Series R Preferred Stock and
related Series R Depositary Shares is May 17, 2021 (the “Redemption
Date”). The cash redemption price, payable on May 17, 2021, will
equal $1,000 for each Series Q Depositary Share and Series R
Depositary Share. Holders of record on May 7, 2021, will receive
the previously declared regular quarterly dividend of $10.721875
per Series Q Depositary Share and $11.679375 per Series R
Depositary Share, payable on May 17, 2021.
The redemptions announced today are 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.
Beginning on the Redemption Date, the Series Q Depositary Shares
and the Series R Depositary Shares will no longer be outstanding,
and dividends will no longer accrue on such securities.
Computershare Trust Company, N.A. (“Computershare”) is the
paying agent for the Series Q Depositary Shares and the Series R
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 Series Q Preferred Stock and the
related Series Q Depositary Shares, please see the prospectus at
the following web address:
https://www.citigroup.com/citi/fixedincome/data/FinalProspectusSupplement081215.PDF
For further information on the Series R Preferred Stock and the
related Series R Depositary Shares, please see the prospectus at
the following web address:
https://www.citigroup.com/citi/fixedincome/data/FinalProspectusSupplementSerR.pdf
Citigroup, the leading global bank, has approximately 200
million customer accounts and does business in more than 160
countries and jurisdictions. Citigroup 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.
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Media Contacts: Jennifer Lowney (212) 793-3141
Investors: Elizabeth Lynn (212) 559-2718
Fixed Income Investors: Thomas Rogers (212) 559-5091
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