Citigroup Announces Full Redemption of Series S Preferred Stock and Partial Redemption of Series R Preferred Stock
Citigroup is also redeeming 18,600 shares out of 60,000 shares outstanding of its 6.125% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series R (the “Series R Preferred Stock”), equivalent to
The redemption date for the Series S Preferred Stock and related Series S Depositary Shares is
The redemption date for the Series R Preferred Stock and related Series R Depositary Shares is
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’s redemptions are 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 Series S Redemption Date, the Series S Depositary Shares representing the redeemed Series S Preferred Stock will no longer be outstanding and dividends will no longer accrue on such securities.
Dividends on the Series R Depositary Shares representing the Series R Preferred Stock that are redeemed will cease to accrue beginning on the Series R Redemption Date. Series R Depositary Shares not selected for redemption will remain outstanding after the Series R Redemption Date and will continue to accrue dividends, when declared on the outstanding Series R Preferred Stock.
For further information on the Series S Preferred Stock and the related Series S Depositary Shares, please see the prospectus at the following web address: https://www.citigroup.com/citi/fixedincome/data/FinalProspectusSupplement020216.PDF
For further information on the Series R Preferred Stock and the related Series R Depositary Shares, please see the prospectus at the following web address: https://www.citigroup.com/citi/fixedincome/data/FinalProspectusSupplementSerR.pdf
Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup 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.