Citigroup Inc. (“ Citigroup”) announced today the expiration and final tender results of its previously announced cash tender offers (each, an “ Offer” and, collectively, the “ Offers”) with respect to each series of notes listed in the table below (the “ Notes”).
These Offers, in which Notes totaling approximately $462,783,000, are being accepted, 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 $28 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.
As the Expiration Date for the Offers was December 10, 2013, the deadline for tendering Notes pursuant to the Offers has now passed. Holders of Notes that were validly tendered pursuant to the Offers as of the Early Tender Date and are 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. Holders of Notes that were validly tendered after the Early Tender Date and are accepted for purchase will be entitled to receive the applicable Tender Offer Consideration which is equal to the Total Consideration applicable to that series of Notes less the Early Tender Premium, plus accrued and unpaid interest to, but not including, the Settlement Date for such Notes. The Settlement Date is expected to occur on December 13, 2013 for all series of Notes.
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