New York Citigroup Inc. is announcing the redemption, in whole, constituting 1,288,000,000 in aggregate principal amount, of its 4.75% Fixed Rate / Floating Rate Subordinated Notes due February 2019 (the "notes") (ISINS: XS0185490934 (for the international notes) and US172967CG 40 (for the DTC notes)).
The redemption date for the notes is February 10, 2018. The cash redemption price payable for the notes on the redemption date will equal par plus 3,601,982.00 in accrued and unpaid interest. 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. Since 2015, Citigroup redeemed or retired $26.3 billion of its 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, 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.
Citigroup's Basel III Tier 2 Capital will not be affected by the planned redemption.
Beginning on the redemption date, the notes will no longer be outstanding and interest will no longer accrue on such securities.
Citibank, N.A. is the paying agent for the notes. For further information on the notes, please see the related final terms at the following web address: http://www.citigroup.com/citi/fixedincome/data/docs/475eurdue101019.pdf
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Media: Mark Costiglio (212) 559-4114
Investors: Susan Kendall (212) 559-2718
Fixed Income Investors: Thomas Rogers (212) 559-5091