Citigroup Announces $1.75 Billion Redemption of 2.700% Notes Due 2022 and $400 Million Redemption of Floating Rate Notes Due 2022

Rhea-AI Summary

Citigroup Inc. has announced the redemption of two types of notes totaling $2.15 billion: $1.75 billion of its 2.700% Fixed Rate Notes due 2022 and $400 million of Floating Rate Notes due 2022. The redemption date is set for September 27, 2022. This move is part of Citigroup's liability management strategy aimed at enhancing funding and capital efficiency. Following the redemption date, no further interest will accrue on the notes. Citibank, N.A. serves as the paying agent for both notes.

Positive

• Redemption of $2.15 billion in notes strengthens capital structure.
• Aligns with Citigroup's strategy for enhanced funding efficiency.

Negative

• No significant negative aspects reported.

NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. is announcing the redemption, in whole, constituting $1,750,000,000 of its 2.700% Notes due 2022 (the “fixed rate notes”) (ISIN: US172967LQ21) and $400,000,000 of its Floating Rate Notes due 2022 (the “floating rate notes” and together with the fixed rate notes, the “notes”) (ISIN: US172967LR04).

The redemption date for the notes is September 27, 2022 (the “redemption date”). The cash redemption price for the notes payable on the redemption date will equal par plus accrued and unpaid interest, to but excluding, the redemption date.

The redemptions announced today are consistent with Citigroup's liability management strategy, and reflect its ongoing efforts to enhance the efficiency of its funding and capital structure. 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, interest will no longer accrue on the notes.

Citibank, N.A. is the paying agent for the fixed rate notes. For further information on the fixed rate notes, please see the related prospectus supplement at the following web address: https://www.citigroup.com/citi/fixedincome/data/464989ACL.PDF.

Citibank, N.A. is the paying agent for the floating rate notes. For further information on the floating rate notes, please see the related prospectus supplement at the following web address: https://www.citigroup.com/citi/fixedincome/data/473243ACL.PDF.

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 more than 160 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 | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20220912005889/en/

Media: Danielle Romero-Apsilos (212) 816-2264

Fixed Income Investors: Peter Demoise (212) 559-2718

Source: Citigroup Inc.

FAQ

What is Citigroup redeeming on September 27, 2022?

Citigroup is redeeming $1.75 billion of its 2.700% Fixed Rate Notes and $400 million of Floating Rate Notes.

How much is the total redemption amount by Citigroup?

The total redemption amount is $2.15 billion.

What is the significance of Citigroup's note redemptions?

The redemptions are part of Citigroup's strategy to improve its funding and capital efficiency.

Who is the paying agent for Citigroup's notes?

Citibank, N.A. is the paying agent for both the fixed and floating rate notes.