NEW YORK--(BUSINESS WIRE)--
Citigroup Inc. is announcing the redemption, in whole, constituting €663,077,000 in aggregate principal amount, of its 3.625% Fixed / Floating Rate Callable Subordinated Notes due November 2017 (the “notes”) (ISIN: XS0236075908).
The redemption date for the notes is February 28, 2017. The cash redemption price payable for the notes on the redemption date will equal par plus €1,584,754.03 in accrued and unpaid interest. 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. Since 2014, Citigroup redeemed or retired $36.8 billion of its securities, reducing Citigroup’s overall funding costs. 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.
Citigroup's Basel III Tier 2 Capital will not be affected by the planned redemption. Beginning on the redemption date, the notes will no longer be considered outstanding and interest will no longer accrue on such securities.
Citibank, N.A. and Dexia Banque Internationale à Luxembourg, société anonyme are the paying agents for the notes. For further information on the notes, please see the related final terms at the following web address: http://www.citigroup.com/citi/fixedincome/data/docs/3625due113017mtn.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.
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