Citigroup Inc. (“ Citigroup”) today announced the applicable Reference Yield and Total Consideration in the previously announced cash tender offers with respect to each series of Notes subject to the Fixed Spread Offers listed in the table below.
Notes tendered pursuant to these Offers reflect Citigroup’s continued robust liquidity position and are consistent with its recent liability management initiatives. Year-to-date, and excluding the Offers, Citigroup has decreased its outstanding long-term debt by approximately $13.9 billion through liability management initiatives, including the previously announced redemptions of trust preferred securities. 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 Fixed Spread Offers are being made pursuant to the offer to purchase dated November 21, 2012 (the “ Offer to Purchase,” as may be amended or supplemented from time to time), and the related letter of transmittal (the “ Letter of Transmittal,” as may be amended or supplemented from time to time) which set forth in more detail the terms and conditions of the Fixed Spread Offers. Capitalized terms used but not otherwise defined in this announcement shall have the meaning given to them in the Offer to Purchase.
The Reference Yield and Total Consideration for each series of Notes subject to the Fixed Spread Offers were determined at or around 2:00 p.m., New York City time, on December 10, 2012 in accordance with the terms set forth in the Offer to Purchase by reference to the relevant Fixed Spread and the relevant Reference U.S. Treasury Security as follows:
|Fixed Spread Offers|
|Title of Security||CUSIP / ISIN||Maximum Series Tender Cap||Reference U.S. Treasury Security||Bloomberg Reference page||Reference Yield||Fixed Spread (basis points)||Early Tender Premium (1)||Tender Offer Consideration (1)||Total Consideration (1)|
|6.500% Senior Notesdue 2013||172967EU1 /US172967EU16||$125,000,000||0.250% Treasurydue 10/31/2014||FIT1||0.240%||35||$30||$1,007.95||$1,037.95|
|6.000% SeniorNotes due 2013||172967FE6 /US172967FE64||$100,000,000||0.250% Treasurydue 10/31/2014||FIT1||0.240%||45||$30||$1,020.78||$1,050.78|
|5.125% SeniorNotes due 2014||172967CK5 /US172967CK51||$225,000,000||0.250% Treasurydue 10/31/2014||FIT1||0.240%||65||$30||$1,026.93||$1,056.93|
|5.500% SeniorNotes due 2014||172967EZ0 /US172967EZ03||$25,000,000||0.250% Treasurydue 10/31/2014||FIT1||0.240%||105||$30||$1,044.65||$1,074.65|
|6.010% SeniorNotes due 2015||172967FA4 /US172967FA43||$25,000,000||0.375% Treasurydue 11/15/2015||FIT1||0.316%||100||$30||$1,064.62||$1,094.62|
|4.750% SeniorNotes due 2015||172967FD8 /US172967FD81||$180,000,000||0.375% Treasurydue 11/15/2015||FIT1||0.316%||105||$30||$1,049.44||$1,079.44|
|4.700% SeniorNotes due 2015||172967CY5 /US172967CY55||$10,000,000||0.375% Treasurydue 11/15/2015||FIT1||0.316%||105||$30||$1,049.16||$1,079.16|
|4.587% SeniorNotes due 2015||172967FH9/US172967FH95||$25,000,000||0.375% Treasurydue 11/15/2015||FIT1||0.316%||115||$30||$1,060.28||$1,090.28|
|5.300% SeniorNotes due 2016||172967DE8 /US172967DE82||$25,000,000||0.750% Treasurydue 10/31/2017||FIT1||0.609%||90||$30||$1,081.78||$1,111.78|
|(1)||Expressed in U.S. dollars per $1,000 principal amount of the Notes. We will also pay accrued and unpaid interest to, but not including, the Settlement Date. The Early Tender Premium is included in the Total Consideration.|
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