This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Announces Reference Yields And Total Consideration For Note Tender Offers

Stocks in this article: C

Citigroup Inc. (“ Citigroup”) announced today the applicable Reference Yield and Total Consideration for the 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 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 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 Total Consideration and Tender Offer Consideration for each series of Notes were determined based on the relevant Reference Yield as of 2:00 p.m., New York City time, on July 30, 2014, in accordance with the terms set forth in the Offer to Purchase by reference to the relevant Fixed Spread and the relevant Reference U.S. Treasury Security as follows:

 

Title of Security

    CUSIP / ISIN    

Maximum Series Tender Cap

   

Reference U.S. Treasury Security

   

Bloomberg Reference page

   

Reference Yield

   

Fixed Spread (basis points)

   

Tender Offer Consideration

   

Total Consideration

2.250% Notes due 2015 172967GB1 / US172967GB17 $250,000,000 0.250% Treasury due August 15, 2015 FIT4 0.149% +45 bps $986.07 $1,016.07
4.587% Notes due 2015 172967FH9 / US172967FH95 $575,000,000 0.500% Treasury due June 30, 2016 FIT1 0.541% +20 bps $1,020.92 $1,050.92
5.300% Notes due 2016 172967DE8 / US172967DE82 $300,000,000 0.500% Treasury due June 30, 2016 FIT1 0.541% +25 bps $1,032.40 $1,062.40
1.250% Notes due 2016 172967GG0 / US172967GG04 $475,000,000 0.500% Treasury due June 30, 2016 FIT1 0.541% +25 bps $976.45 $1,006.45
5.375% Notes due 2020 172967FF3 / US172967FF30 $550,000,000 1.625% Treasury due June 30, 2019 FIT1 1.775% +105 bps $1,109.47 $1,139.47
 

The applicable Total Consideration, together with Accrued Interest, will be paid to Holders of Notes that were validly tendered on or prior to previously announced Early Tender Date of 5:00 p.m., New York City time, on July 29, 2014 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.

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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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