Citigroup Inc. (“ Citigroup”) announced today the expiration and final tender results of the previously announced cash tender offers (each, an “ Offer” and, collectively, the “ Offers”) by Citigroup and its wholly-owned subsidiary Associates First Capital Corporation (“ Associates”) with respect to each series of notes listed in the tables below (the “ Notes”).
These Offers reflect Citigroup’s continued robust liquidity position and are consistent with its recent liability management initiatives. Year-to-date, Citigroup has decreased its outstanding long-term debt by approximately $11.9 billion through these initiatives, including the previously announced redemptions of trust preferred securities and assuming the completion of these Offers. Coupled with the ongoing natural maturing of long-term debt that requires no refinancing, these initiatives result in lower borrowing costs and reduce the overall level of Citigroup’s long-term debt outstanding. Citigroup will continue to consider opportunities to repurchase its long-term as well as short-term debt based on several factors, including without limitation the economic value, potential impact on Citigroup’s net interest margin and borrowing costs and the overall remaining tenor of its debt portfolio.
The Expiration Date (September 14, 2012) for Notes validly tendered pursuant to the Offers has now passed. Notes that were validly tendered prior to the previously announced Early Tender Date (August 30, 2012) pursuant to the Offers and accepted for purchase will be entitled to receive the applicable Total Consideration, which is inclusive of the Early Tender Premium, plus accrued and unpaid interest to, but not including, the Settlement Date for such Notes. Notes that were validly tendered after the Early Tender Date but prior to the Expiration Date pursuant to the Offers and accepted for purchase will be entitled to receive the Tender Offer Consideration, which equals the Total Consideration minus the Early Tender Consideration, plus accrued and unpaid interest to, but not including, the Settlement Date for such Notes. The Settlement Date is expected to occur on September 18, 2012.
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