Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup    C

CITIGROUP (C)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CITIGROUP
10:52aCITIGROUP : British takeover regulator appoints Citigroup executive as director ..
RE
04/25CITIGROUP : Declares Common Stock Dividend and Announces Adjustment to Warrant E..
BU
04/25BANK OF AMERICA : Senate Banking Chairman Chastises Citibank, Bank of America on..
DJ
04/25CREDIT SUISSE FULLY COMPLIANT ON SAN : Ceo
RE
04/24CITIGROUP : Citi chairman says all options open to find his replacement
RE
04/24CITIGROUP : Citi chairman says all options open to find his replacement
RE
04/24DAVID HENRY : Citi chairman says all options open to find his replacement
RE
04/24CITIGROUP : Citi chairman says all options being considered for his replacement
RE
04/24BANCO BILBAO VIZCAYA ARGENTARIA : Venezuelan banks shrivel as inflation roars an..
RE
04/23CITIGROUP INC : Financial Statements and Exhibits (form 8-K)
AQ
More news
News from SeekingAlpha
04/25Morningstar logs broad revenue gains in Q1 
04/25Citigroup declares $0.32 dividend 
04/25ETF ALERT : Bristol Gate's Unique Take On Dividend Growth 
04/23OAKMARK EQUITY AND INCOME FUND : Q1 2018 
04/23OAKMARK GLOBAL FUND : Q1 2018 
Financials ($)
Sales 2018 74 312 M
EBIT 2018 31 715 M
Net income 2018 16 278 M
Debt 2018 -
Yield 2018 2,10%
P/E ratio 2018 10,70
P/E ratio 2019 9,34
Capi. / Sales 2018 2,38x
Capi. / Sales 2019 2,30x
Capitalization 177 B
Chart CITIGROUP
Duration : Period :
Citigroup Technical Analysis Chart | C | US1729674242 | 4-Traders
Technical analysis trends CITIGROUP
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 83,1 $
Spread / Average Target 20%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
Michael E. O'Neill Chairman
Don Callahan Head-Operations & Technology
John C. Gerspach Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP-6.79%176 970
JP MORGAN CHASE & COMPANY2.85%376 545
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-3.39%330 275
BANK OF AMERICA2.27%309 257
CHINA CONSTRUCTION BANK CORPORATION-2.73%273 993
WELLS FARGO-12.46%256 044