Citigroup Announces $2.5 Billion Redemption of 2.876% Fixed Rate / Floating Rate Notes Due 2023 and $750 Million Redemption of Floating Rate Notes Due 2023

Rhea-AI Summary

Citigroup Inc. announced the redemption of $2.5 billion of its 2.876% Fixed Rate / Floating Rate Notes due 2023 and $750 million of its Floating Rate Notes due 2023. The redemption date is July 24, 2022, with payments scheduled for July 25, 2022. This decision aligns with Citigroup's liability management strategy aimed at improving the efficiency of its funding and capital structure. Beginning on the redemption date, interest will no longer accrue on these notes.

Positive

• Redemption of $2.5 billion and $750 million notes supports capital structure efficiency.
• Commitment to liability management strategy may enhance shareholder value.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. is announcing the redemption, in whole, constituting $2,500,000,000 of its 2.876% Fixed Rate / Floating Rate Notes due 2023 (the “FXD/FRN notes”) (ISIN: US172967LM17), and the redemption, in whole, constituting $750,000,000 of its Floating Rate Notes due 2023 (the “FRN notes” and together with the FXD/FRN notes, the “notes”) (ISIN: US172967LN99).

The redemption date for the notes is July 24, 2022 (the “redemption date”). The cash redemption price for the notes will equal par plus accrued and unpaid interest, to but excluding, the redemption date and will be payable on July 25, 2022, the next succeeding business day after 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 FXD/FRN notes. For further information on the FXD/FRN notes, please see the related prospectus supplement at the following web address: https://www.citigroup.com/citi/fixedincome/data/414274ACL.PDF

Citibank, N.A. is the paying agent for 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/422462ACL.PDF

Citi

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.

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/20220708005492/en/

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

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

Source: Citigroup Inc.

FAQ

What are the details of Citigroup's recent bond redemptions?

Citigroup is redeeming $2.5 billion of 2.876% Fixed Rate / Floating Rate Notes and $750 million of Floating Rate Notes, effective July 24, 2022.

When will Citigroup's bond redemption payments be made?

Payments for the redeemed notes will be paid on July 25, 2022.

Why is Citigroup redeeming these notes?

The redemptions are part of Citigroup's ongoing strategy to enhance the efficiency of its funding and capital structure.

What impact does the note redemption have on Citigroup's interest payments?

Interest on the notes will no longer accrue starting on the redemption date.

What is the stock symbol for Citigroup?

The stock symbol for Citigroup is C.