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 Nine Series Of Outstanding Notes

Citigroup Inc. (“ Citigroup”) today announced the commencement of offers to purchase for cash (i) any and all of its notes of the series set forth in the table below under the heading “CAD Notes,” and (ii) its notes of the series set forth in the table below under the heading “U.S. Dollar Notes” up to an aggregate principal amount with respect to each series of U.S. Dollar Notes as set forth in the table below (each, a “ Maximum Series Tender Cap”) (all such notes collectively, the “ Notes”). The offer to purchase each series of Notes is referred to as an “ Offer” and all such offers are referred to collectively as the “ Offers.” The Notes had an aggregate principal amount outstanding of approximately U.S. $6.66 billion as of May 16, 2014 (based on U.S. dollar exchange rates as of that date).

These Offers, currently totaling up to approximately U.S. $2.6 billion aggregate principal amounts of the Notes, are consistent with Citigroup's liability management strategy, and reflect its ongoing efforts to enhance the efficiency of its funding and capital structure. In 2013, Citigroup redeemed U.S. $12 billion of securities reducing Citigroup’s overall funding costs. 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, capital impact, as well as overall market conditions.

                         

CAD Notes

 
Title of Security CUSIP / ISIN Exchange Listing Principal Amount Outstanding Reference Canadian Government Security Bloomberg Reference Page Early Tender Premium Fixed Spread (basis points)
4.650% Subordinated Notes due 2022 172967DC2 / US172967DC27 C$500,000,000 1.500% Government of Canada Bond due September 1, 2017 FIT CAN0-50 C$30.00 165 bps
 
5.160% Subordinated Notes due 2027 172967EB3 / CA172967EB37 C$500,000,000 2.750% Government of Canada Bond due June 1, 2022 FIT CAN0-50 C$30.00 195 bps
                               
 

U.S. Dollar Notes

 
Title of Security CUSIP / ISIN Exchange Listing Principal Amount Outstanding Maximum Series Tender Cap Reference U.S. Treasury Security Bloomberg Reference Page Early Tender Premium Fixed Spread (basis points)
4.750% Notes due 2015 172967FD8 / US172967FD81 Luxembourg Stock Exchange $1,530,804,000 $770,000,000 0.250% Treasury due May 15, 2015 FIT4 US$30.00 45 bps
 
4.700% Notes due 2015 172967CY5 / US172967CY55 Luxembourg Stock Exchange $714,000,000 $360,000,000 0.250% Treasury due May 15, 2015 FIT4 US$30.00 45 bps
 
2.250% Notes due 2015 172967GB1 / US172967GB17 Luxembourg Stock Exchange $1,250,000,000 $375,000,000 0.375% Treasury due April 30, 2016 FIT1 US$30.00 25 bps
 
5.875% Subordinated Notes due 2033 172967BU4 / US172967BU43 Luxembourg Stock Exchange $1,000,000,000 $150,000,000 3.625% Treasury due February 15, 2044 FIT1 US$30.00 155 bps
 
5.850% Notes due 2034 172967CT6 / US172967CT60 Luxembourg Stock Exchange $303,949,000 $30,000,000 3.625% Treasury due February 15, 2044 FIT1 US$30.00 120 bps
 
5.875% Notes due 2037 172967EC1 / US172967EC18 Luxembourg Stock Exchange $202,761,000 $20,000,000 3.625% Treasury due February 15, 2044 FIT1 US$30.00 125 bps
 
6.875% Notes due 2038 172967EP2 / US172967EP21 Luxembourg Stock Exchange $742,517,000 $20,000,000 3.625% Treasury due February 15, 2044 FIT1 US$30.00 125 bps
 

The Offers are being made pursuant to the offer to purchase dated May 19, 2014 (as may be amended or supplemented from time to time, the “ Offer to Purchase”), and the related letters of transmittal (as they may be amended or supplemented from time to time, the “ Letters of Transmittal”) 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 June 16, 2014, unless extended or earlier terminated (such date and time, as the same may be extended with respect to each Offer, the “ Expiration Date”).

Subject to the terms and conditions set forth in the Offer to Purchase and the Letters of Transmittal, Holders of Notes that are validly tendered on or prior to 5:00 p.m., New York City time, on June 2, 2014, 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 calculated in the manner set forth in the Offer to Purchase (the “ Total Consideration”), which includes the applicable early tender premium in the amount indicated in the table above (the “ Early Tender Premium”). The Total Consideration with respect to each series of Notes will be equal to the price, determined 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 reference yield, which shall be based on the bid-side price of the applicable Reference U.S. Treasury security or Reference Canadian Government security, as the case may be, at 2:00 p.m., New York City time, on June 3, 2014 (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the “ Price Determination Date”).

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 on or 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 applicable 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 June 2, 2014, 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.

Subject to the terms and conditions of the Offers, Citigroup is offering to purchase any and all CAD Notes of each series set forth in the table above validly tendered pursuant to the Offers.

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 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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