NEW YORK--(BUSINESS WIRE)--Citigroup Inc. is announcing the redemption, in whole, constituting $1,500,000,000 of its 2.450% Notes due 2020 (the “FXD notes”) (ISIN US172967LF65), and the redemption, in whole, constituting $1,000,000,000 in aggregate principal amount, of its Floating Rate Notes due 2020 (the “FRN notes” and together with the FXD notes, the “notes”) (ISIN: US172967LE90).
The redemption date for the notes is December 10, 2019 (the “redemption date”). The cash redemption price payable for the FXD notes on the redemption date will equal par plus approximately $15,312,500 in accrued and unpaid interest, and the cash redemption price payable for the FRN notes on the redemption date will equal par plus approximately $4,743,597 in accrued and unpaid interest.
The redemptions announced today are 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 $42.7 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.
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 FXD notes. For further information on the FXD notes, please see the related prospectus supplement at the following web address: https://www.citigroup.com/citi/fixedincome/data/325887ACL.PDF
Citibank, N.A. is the paying agent on the FRN notes. For further information on the FRN notes, please see the related prospectus supplement at the following web address: https://www.citigroup.com/citi/fixedincome/data/504001ACL.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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