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Citigroup Inc. : Citigroup Announces Redemption of Series F Preferred Stock and Series T Convertible Preferred Stock

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05/14/2013 | 10:20pm CEST

Citigroup Inc. is redeeming, in whole, all $94.3 million aggregate liquidation preference of Depositary Shares representing interests in its 8.5% Series F Noncumulative Preferred Stock (ticker "C Pr M") (the "Series F Preferred Stock") and its 6.5% Series T Convertible Noncumulative Preferred Stock (ticker "C Pr I") (the "Series T Preferred Stock" and, together with the Series F Preferred Stock, the "Redeemed Preferred Stock").

The redemption date for the Series F Preferred Stock and related Depositary Shares is June 15, 2013. The redemption date for the Series T Preferred Stock and related Depositary Shares is June 17, 2013. The cash redemption price, payable on June 17, 2013 for each Depositary Share, will equal:

for Series F: $25. Holders of record on June 5, 2013 will receive the previously declared regular quarterly dividend of $0.53125 due on June 15, 2013; and

for Series T: $50 plus $0.28889 in accrued and unpaid dividends from the last Series T Preferred Stock dividend payment date to June 17, 2013.

These redemptions reflect Citigroup's ongoing efforts to enhance the efficiency of its funding and capital structure. Since the beginning of 2012 and including the redemptions announced today, Citigroup has retired $22.7 billion of senior debt, subordinated debt, preferred and trust preferred securities, reducing Citigroup's overall funding costs and efficiently deploying its ample liquidity.

The redemptions announced today are consistent with Citi's liability management strategy and reflect Citi's strategy of continuing to optimize its capital structure under Basel III. Citigroup will continue to consider opportunities to redeem or repurchase senior debt, subordinated debt, preferred and trust preferred securities, based on several factors, including without limitation, the economic value, potential impact on Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup's debt portfolio, as well as overall market conditions.

Citigroup's Tier 1 Common capital and related Tier 1 Common ratio, either under Basel I or as estimated under Basel III, will not be affected by the planned redemptions. Citigroup's Basel I Tier 1 Capital and its Basel 1 Tier 1 Capital ratio are expected to decrease by approximately $94 million and 1 basis point, respectively.

Beginning on their redemption date, the Depositary Shares representing the Redeemed Preferred Stock will no longer be considered outstanding and dividends will no longer accrue on such securities.

Computershare Trust Company, N.A. is the depositary for the Depositary Shares.

For further information on the Series F Preferred Stock, the Series T Preferred Stock and the respective related Depositary Shares, please see the related prospectuses at the following web addresses:

Series F:

http://www.sec.gov/Archives/edgar/data/831001/000095012308005300/y55349b2e424b2.htm

Series T:

http://www.sec.gov/Archives/edgar/data/831001/000095012308000572/y46536b2e424b2.htm

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..

Certain statements in this press release, including without limitation the expected impact of the redemption on Citigroup's Tier 1 Capital, Tier 1 Common, borrowing costs and capital position under Basel III, are "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including without limitation the actual completion of the announced redemption, the completion of the final analysis of the capital impact on Citigroup as a result of the redemption and the factors contained in Citi's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citi's 2012 Annual Report on Form 10-K. Precautionary statements included in such filings should be read in conjunction with this release.

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

Citi
Media:
Mark Costiglio, 212-559-4114
Shannon Bell, 212-793-6206
or
Investors:
Susan Kendall, 212-559-2718
or
Fixed Income Investors:
Peter Kapp, 212-559-5091


© Business Wire 2013
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