Citigroup Announces $2.55 Billion Redemption of 2.900% Notes due 2021 and $750 Million Redemption of Floating Rate Notes due 2021

Rhea-AI Summary

Citigroup Inc. is redeeming a total of $3.3 billion in notes due in 2021, including $2.55 billion of 2.900% Notes and $750 million of Floating Rate Notes. The redemption date is set for November 8, 2021, with a cash redemption price equal to par plus accrued interest. This initiative aligns with Citigroup's liability management strategy aimed at enhancing funding efficiency. Citibank, N.A. serves as the paying agent for both types of notes, providing further details via linked prospectus supplements.

Positive

• Redemption of $3.3 billion in total notes reflects a proactive liability management strategy.
• The initiative aims to enhance the efficiency of Citigroup's funding and capital structure.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. is announcing the redemption, in whole, constituting $2,550,000,000 of its 2.900% Notes due 2021 (the “FXD notes”) (ISIN: US172967LC35), and the redemption, in whole, constituting $750,000,000 in aggregate principal amount, of its Floating Rate Notes due 2021 (the “FRN notes” and together with the FXD notes, the “notes”) (ISIN: US172967LB51).

The redemption date for the notes is November 8, 2021 (the “redemption date”). The cash redemption price payable for the notes on the redemption date will equal par plus 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. Citigroup will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, regulatory changes, potential impacton 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/BannerlessFXD.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/BannerlessFRN.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/20211022005502/en/

Media:

Danielle Romero-Apsilos   

(212) 816-2264



Investors:                                         

Jennifer Landis                  

(212) 559-2718



Fixed Income Investors:                  

Thomas Rogers                 

(212) 559-5091

Source: Citigroup Inc.

FAQ

What is Citigroup redeeming on November 8, 2021?

Citigroup is redeeming $2.55 billion of 2.900% Notes and $750 million of Floating Rate Notes.

How much is the total redemption amount by Citigroup?

The total redemption amount is $3.3 billion.

What is the reason behind Citigroup's redemption?

The redemption aligns with Citigroup's strategy to enhance funding efficiency and capital structure.

Who is the paying agent for Citigroup's FXD and FRN notes?

Citibank, N.A. is the paying agent for both types of notes.