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Citigroup Inc. (NYSE: C)
September 09, 2004
Citigroup Announces Pricing of Its Exchange Offer
New York, NY—Citigroup Inc. (NYSE: C) today announced the pricing of its current exchange offer (described below).
In the exchange offer, Citigroup is offering to exchange, for each $1,000 principal amount of its 7.25% Subordinated Notes due 2010 (the “Old Notes”) tendered on or prior to midnight, New York City time, on September 13, 2004 (subject to further extension), $1,180.454005 principal amount of Subordinated Notes due 2014 (the “New Notes”), which amount being 1,000 times the ratio of the price of the Old Notes ($1,172.12) to the price of the New Notes ($992.94), as described below. The New Notes will bear interest at an annual rate equal to 5.00%.
The price of the Old Notes, using a yield of 4.013%, was determined to be $1,172.12 per $1,000 principal amount of Old Notes; and the price of the New Notes, using a yield of 5.091%, was determined to be $992.94 per $1,000 principal amount of New Notes.
The exchange offer will expire at midnight, New York City time, on September 13, 2004, unless extended or terminated. It is expected that the Exchange Offer will settle on September 16, 2004. In the event the expiration date of the exchange offer is extended, new pricing terms will be determined. Information regarding the pricing, tender and delivery procedures is contained in the offering documents relating to the exchange offer.
Consummation of the exchange offer is subject to a number of conditions including the absence of certain adverse legal and market developments.
The offering is only made, and copies of the offering documents will only be made available to, holders of Old Notes that have certified certain matters to Citigroup, including their status as “qualified institutional buyers” or non “U.S. persons” located in France, Germany or the United States, as such terms are defined in accordance with Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). Copies of the certification and the offering documents can be obtained from the information agent, Global Bondholder Services Corporation, at 866-485-1500 or 212-430-3774.
The New Notes have not been and will not be registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The exchange offer is being made only pursuant to an offering memorandum and related letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.
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Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com