Citigroup Announces £99.9 Million Redemption of Citigroup Capital XVIII Enhanced Trust Preferred Securities

Rhea-AI Summary

Citigroup Inc. announces full redemption of £99.9 million of its 6.829% Fixed Rate/Floating Rate Enhanced TruPS® issued by Citigroup Capital XVIII, effective March 28, 2022. Holders will receive £1,000 per security plus approximately £2.77 in unpaid distributions. This move aligns with Citigroup's liability management strategy to enhance its funding and capital structure efficiency. The redemption also involves a concurrent action on junior subordinated debt securities. The Bank of New York Mellon acts as the paying agent.

Positive

• Redemption consistent with Citigroup's liability management strategy.
• Enhances efficiency of funding and capital structure.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. is announcing the redemption, in whole, constituting £99.9 million of the 6.829% Fixed Rate / Floating Rate Enhanced TruPS^® issued by Citigroup Capital XVIII (CUSIP: 172988AB3, ticker C/67BP) (the “Redeemed ETruPS^®”).

The redemption date for the Redeemed ETruPS^® is March 28, 2022. The cash redemption price payable for each Redeemed ETruPS^® on the redemption date will equal 100% of the liquidation amount or £1,000, plus approximately £2.77058219 accumulated and unpaid distributions to the redemption date.

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. 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.

The Redeemed ETruPS^® are being redeemed, along with the common securities issued by Citigroup Capital XVIII (the “Capital Trust”) and held by Citigroup, as a result of the concurrent redemption in whole by Citigroup of the junior subordinated debt securities held by the Capital Trust which underlie the Redeemed ETruPS^®.

Beginning on the redemption date, the Redeemed ETruPS^® will no longer be considered outstanding and distributions will no longer accrue on such securities.

The Bank of New York Mellon is the paying agent for the Redeemed ETruPS^®. The paying agent’s address is The Bank of New York Mellon, 240 Greenwich Street, 7^th Floor – East, New York, NY 10013.

For further information on the Redeemed ETruPS^®, please see the related prospectus at the following web address: https://www.citigroup.com/citi/fixedincome/data/docs/xviii_enhtrups.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/20220223006164/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 securities is Citigroup redeeming on March 28, 2022?

Citigroup is redeeming £99.9 million of its 6.829% Fixed Rate/Floating Rate Enhanced TruPS®.

What is the cash redemption price for the redeemed ETruPS®?

The cash redemption price will be £1,000 plus approximately £2.77 in accumulated and unpaid distributions.

What is the purpose of Citigroup's redemption announcement?

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

Who is the paying agent for the redeemed ETruPS®?

The Bank of New York Mellon is the paying agent for the redeemed ETruPS®.

When will distributions no longer accrue on the redeemed ETruPS®?

Distributions will no longer accrue beginning on the redemption date, March 28, 2022.