Citigroup Announces Full Redemption of Series U Preferred Stock
August 28 2024 - 4:15PM
Business Wire
Citigroup Inc. is redeeming, in whole, all $1.5 billion
aggregate liquidation preference of Series U Depositary Shares
representing interests in its 5.000% Fixed Rate / Floating Rate
Noncumulative Preferred Stock, Series U (the “Preferred
Stock”).
The redemption date is September 12, 2024 for the Preferred
Stock and related Depositary Shares (the “Redemption Date”). The
cash redemption price, payable on the Redemption Date for each
Depositary Share, will equal $1,000. Holders of record on August
30, 2024, will receive the previously declared regular semi-annual
dividend of $25.00 per Depositary Share payable on the Redemption
Date.
The redemption announced today is consistent with Citigroup’s
liability management strategy and reflects its ongoing efforts to
enhance the efficiency of its funding and capital structure.
Citigroup’s redemptions are based on several factors, including
without limitation, the economic value, regulatory changes,
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.
Beginning on the Redemption Date, the Depositary Shares
representing the redeemed Preferred Stock will no longer be
outstanding and dividends will no longer accrue on such
securities.
Computershare Trust Company, N.A. (“Computershare”) is the
paying agent for the Depositary Shares. The paying agent’s address
is Computershare Trust Company, Attn: Corporate Actions, 150 Royall
Street, Suite 101, Canton, MA 02021. Questions relating to the
notice of redemption and related materials should be directed to
Computershare via telephone at 1-888-250-3985.
For further information on the Preferred Stock and the related
Depositary Shares, please see the prospectus at the following web
address:
https://www.citigroup.com/rcs/citigpa/akpublic/storage/public/CitiSept091219PreferredStockSeriesU.pdf
About Citi
Citi is a preeminent banking partner for institutions with
cross-border needs, a global leader in wealth management and a
valued personal bank in its home market of the United States. Citi
does business in nearly 180 countries and jurisdictions, providing
corporations, governments, investors, institutions and individuals
with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X:
@Citi | LinkedIn: www.linkedin.com/company/citi | YouTube:
www.youtube.com/citi | Facebook: www.facebook.com/citi
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version on businesswire.com: https://www.businesswire.com/news/home/20240828990639/en/
Media Contact: Danielle Romero Apsilos 212 816 2264
danielle.romeroapsilos@citi.com
Fixed Income Investor Contact: Peter Demoise 212 559 2718
peter.demoise@citi.com
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