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TheStreet Open House

Citigroup Announces Upsizing Of Offers To Purchase Specified Series Of Outstanding Notes

Stocks in this article: C

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”) pursuant to 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 2013, Citigroup redeemed or retired U.S. $17.7 billion of securities, excluding exchanged securities, of which U.S. $5.4 billion was redeemed or retired in 2014, 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.

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that are subject to the Offers, the aggregate principal amounts of Notes that were validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on July 29, 2014 (the “ Early Tender Date”) and the revised Maximum Series Tender Cap for each of the 4.587% Notes due 2015 and the 1.250% Notes due 2016. The Maximum Series Tender Cap for the 2.250% Notes due 2015, the 5.300% Notes due 2016 and the 5.375% Notes due 2020 remain unchanged.

         

Aggregate Principal

Revised

Amount Tendered

Exchange

Principal Amount

Maximum Series

Prior to Early Tender

Title of Security CUSIP / ISIN

Listing

Outstanding

Tender Cap

Date

2.250% Notes due 2015 172967GB1 / US172967GB17

Luxembourg Stock Exchange

$762,323,000 $250,000,000 $95,026,000
4.587% Notes due 2015 172967FH9 / US172967FH95 Luxembourg Stock Exchange $1,805,000,000 $575,000,000 $602,178,000
5.300% Notes due 2016 172967DE8 / US172967DE82 Luxembourg Stock Exchange $936,376,000 $300,000,000 $167,337,000
1.250% Notes due 2016 172967GG0 / US172967GG04 Luxembourg Stock Exchange $1,750,000,000 $475,000,000 $542,900,000
5.375% Notes due 2020 172967FF3 / US172967FF30 Luxembourg Stock Exchange $2,210,000,000 $550,000,000 $723,468,000
 

The Offers are being made pursuant to the offer to purchase dated July 16, 2014 (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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