Citigroup Announces Redemption of Trust Preferred Securities Issued by
Citigroup Capital XX
NEW YORK -- November 14, 2012
Citigroup Inc. is announcing the redemption of a series of Citi trust
preferred securities – the 7.875% Enhanced TRUPS^® issued by Citigroup Capital
XX (CUSIP: 173085200) (the “ETRUPS^®”). The ETRUPS^® are being redeemed, along
with the common securities issued by Citigroup Capital XX and held by Citi, as
a result of the concurrent redemption in whole by Citi of the junior
subordinated debt securities held by Citigroup Capital XX which underlie the
The redemption date for the ETRUPS^® will be December 17, 2012, and the cash
redemption price paid on the redemption date will equal $25 plus $0.503125 in
accumulated and unpaid distributions per ETRUPS^®.
Beginning on the redemption date, the ETRUPS^® will no longer be considered
outstanding and distributions will no longer accrue on the ETRUPS^®.
Under the terms and conditions of the ETRUPS^® Citigroup has the option to
redeem the ETRUPS^® in whole or in part on one or more occasions any time on
or after December 15, 2012. Accordingly, Citi has elected to redeem the
ETRUPS^® in whole on December 17, 2012. As a result of this redemption,
Citigroup’s Basel I Tier 1 Capital is expected to decrease by approximately
$0.45B and its Basel I Tier 1 Capital ratio is expected to decrease by
approximately 4.6 basis points. Citigroup’s Tier 1 Common capital and related
Tier 1 Common ratio, under Basel I and as estimated under Basel III, will not
be affected by this redemption.
For further information on this series of Citi trust preferred securities,
please see the Capital XX ETRUPS^® prospectus at the following web address:
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 release, including without limitation the expected
impact of the redemption on Citigroup's Tier 1 Capital and Tier 1 Common
capital, 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 may differ materially from those
included in these statements due to a variety of factors, including without
limitation the actual completion of the redemption, the completion of the
final analysis of the capital impact on Citigroup as a result of the
redemption and the precautionary statements contained in Citi's filings with
the U.S. Securities and Exchange Commission, including without limitation the
"Risk Factors" section of Citi's 2011 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
Mark Costiglio, 212-559-4114
Shannon Bell, 212-793-6206
Susan Kendall, 212-793-1298
Fixed Income Investors:
Susan Kendall, 212-559-5091
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