Citigroup Inc. (“ Citigroup”) announced today, that it has increased the maximum aggregate principal amount of specified series of notes (the “ Notes”) that it will accept (each, a “ Maximum Series Tender Cap”) in its previously announced cash tender offers (each, an “ Offer” and, collectively, the “ Offers”), as set forth in the table below.
These Offers 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.
The following table sets forth details of the Notes that are subject to the Offers, the aggregate principal amounts of Notes that were validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on August 27, 2013 (the “ Early Tender Date”) and the revised Maximum Series Tender Cap for each series of Notes.
|Title of Security||CUSIP / ISIN||Exchange Listing||Principal Amount Outstanding||Revised Maximum Series Tender Cap||Aggregate Principal Amount Tendered Prior to Early Tender Date|
|6.375% Notes due 2014||172967 EY 3 / US172967EY38||Luxembourg Stock Exchange||$2,325,450,000||$650,000,000||$1,306,645,000|
|5.500% Notes due 2014||172967 EZ 0 / US172967EZ03||Luxembourg Stock Exchange||$1,927,004,000||$580,000,000||$1,042,616,000|
|6.010% Notes due 2015||172967 FA 4 / US172967FA43||Luxembourg Stock Exchange||$1,693,491,000||$275,000,000||$842,625,000|
|4.750% Notes due 2015||172967 FD 8/ US172967FD81 172967 FJ 5/ USU172967FJ51 U17406 GU 4/ USU17406GU47||Luxembourg Stock Exchange||$2,185,809,000||$655,000,000||$1,240,560,000|
|5.850% Notes due 2034||172967 CT 6 / US172967CT60||Luxembourg Stock Exchange||$542,526,000||$165,000,000||$209,208,000|
|5.875% Notes due 2037||172967 EC 1 / US172967 EC18||Luxembourg Stock Exchange||$618,728,000||$185,000,000||$366,447,000|
|6.875% Notes due 2038||172967 EP 2/ US172967 EP21||Luxembourg Stock Exchange||$2,238,746,000||$1,040,000,000||$1,530,712,000|
The Offers are being made pursuant to the offer to purchase dated August 14, 2013 (as may be amended or supplemented from time to time, the “ Offer to Purchase”), and the related letter of transmittal (as may be amended or supplemented from time to time, the “ Letter of Transmittal”) which set forth in more detail the terms and conditions of the Offers. Capitalized terms used but not otherwise defined in this announcement shall have the meaning given to them in the Offer to Purchase.The Early Tender Date for the Offers has now passed. The applicable Total Consideration, together with Accrued Interest, will be paid to Holders of Notes that were validly tendered on or prior to the Early Tender Date and are accepted for purchase. Holders of Notes that are validly tendered after the Early Tender Date and accepted for purchase will receive the applicable Tender Offer Consideration for such series of Notes, which is equal to the applicable Total Consideration minus the applicable Early Tender Premium. The Offers in respect of the Notes are subject to proration, as described in the Offer to Purchase.
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