This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Citigroup Inc. Announces Offers To Purchase Seven Series Of Outstanding Notes

Citigroup Inc. (“ Citigroup”) today announced the commencement of offers to purchase for cash certain of its notes of the series set forth in the table below (each offer with respect to any series set forth in the table below, an “ Offer” and, collectively, the “ Offers”). We refer to our offer to purchase each series of Notes as an “Offer” and collectively as the “Offers.” The Notes have an aggregate principal amount outstanding of approximately $11.5 billion as of August 13, 2013.

These Offers, currently totaling up to $ 3,070,000,000, are consistent with Citigroup’s liability management strategy, and reflect its ongoing efforts to enhance the efficiency of its funding and capital structure. Since the beginning of 2012, Citigroup has retired approximately US $25 billion of senior debt, subordinated debt, preferred and trust preferred securities, reducing Citigroup’s overall funding costs and efficiently deploying its ample liquidity. Citigroup will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, potential impact on Citigroup’s net interest margin and borrowing costs, the overall remaining tenor of Citigroup’s debt portfolio, as well as overall market conditions.

             

Title of Security

CUSIP / ISIN

Exchange Listing

Principal Amount Outstanding

Maximum Series Tender Cap

Reference U.S. Treasury Security

Bloomberg Reference page

Fixed Spread (basis points)

6.375% Notes due 2014

172967 EY 3 / US172967EY38 Luxembourg Stock Exchange $2,325,450,000 $510,000,000 0.500% Treasury due 08/15/2014 FIT4 40
 

5.500% Notes due 2014

172967 EZ 0 / US172967EZ03 Luxembourg Stock Exchange $1,927,004,000 $580,000,000 0.250% Treasury due 07/31/2015 FIT1 45
 

6.010% Notes due 2015

172967 FA 4 / US172967FA43 Luxembourg Stock Exchange $1,693,491,000 $275,000,000 0.250% Treasury due 07/31/2015 FIT1 65
 

4.750% Notes due 2015

172967 FD 8/ US172967FD81172967 FJ 5/ USU172967FJ51U17406 GU 4/ USU17406GU47

Luxembourg Stock Exchange $2,185,809,000 $655,000,000 0.250% Treasury due 07/31/2015 FIT1 65
 

5.850% Notes due 2034

172967 CT 6 / US172967CT60 Luxembourg Stock Exchange $542,526,000 $165,000,000 2.875% Treasury due 05/15/2043 FIT1 120
 

5.875% Notes due 2037

172967 EC 1 / US172967 EC18 Luxembourg Stock Exchange $618,728,000 $185,000,000 2.875% Treasury due 05/15/2043 FIT1 125
 

6.875% Notes due 2038

172967 EP 2/ US172967 EP21 Luxembourg Stock Exchange $2,238,746,000 $700,000,000 2.875% Treasury due 05/15/2043 FIT1 130
 

The Offers are being made pursuant to the offer to purchase, dated August 14, 2013 (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 Offers.

The Offers will expire at 11:59 p.m., New York City time, on September 11, 2013, unless extended or earlier terminated (such date and time, as the same may be extended with respect to the Offers, the “ Expiration Date”). Subject to the terms and conditions set forth in the Offer to Purchase, Holders of Notes that are validly tendered on or prior to 5:00 p.m., New York City time, on August 27, 2013, unless extended (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the “ Early Tender Date”) and accepted for purchase shall be entitled to receive the total consideration indicated in the table above calculated in the manner set forth in the Offer to Purchase (the “ Total Consideration”), which includes an early tender premium of $30.00 per $1,000 principal amount of Notes of each series accepted for purchase (the “ Early Tender Premium”). The Total Consideration with respect to each series of Notes will be calculated in accordance with standard market practice, as described in the Offer to Purchase, that equates to a yield to maturity equal to the applicable fixed spread specified for each such series of Notes over the applicable yield, which shall be based on the bid-side price of the applicable U.S. Treasury Security at 2:00 p.m., New York City time, on August 28, 2013 (subject to certain exceptions set forth in the Offer to Purchase, such time and date, as the same may be extended).

Subject to the terms and conditions set forth in the Offer to Purchase, Holders of a series of Notes that are validly tendered after the Early Tender Date but before the Expiration Date and accepted for purchase will receive only the applicable tender offer consideration, which is equal to the Total Consideration applicable to that series of Notes minus the Early Tender Premium (the “ Tender Offer Consideration”).

Notes tendered may be withdrawn at any time prior to 5:00 p.m., New York City time, on August 27, 2013, unless extended (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the “ Withdrawal Date”), but not thereafter.

Citigroup is offering to purchase up to an aggregate principal amount of each series of Notes equal to the Maximum Series Tender Cap set forth in the table above. If the aggregate principal amount of Notes of any series validly tendered in an Offer exceeds the Maximum Series Tender Cap for such series, then, subject to the terms and conditions of the Offers, Citigroup will accept tendered Notes of such series on a pro rata basis as described in the Offer to Purchase.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs