Citigroup Inc. Announces Purchase Prices and Final Tender Results Business Wire LONDON -- February 21, 2013 NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA. On 14 February 2013, Citigroup Inc. (the “Company”) announced its invitation to eligible holders (the “Noteholders”) of its notes denominated in British pounds sterling (the “Sterling Notes”) and notes denominated in Euros (the “Euro Notes,” and together with the Sterling Notes, the “Notes” and each a “Series”) to tender their Notes for purchase by the Company for cash (each such invitation, an “Offer” and together, the “Offers”), as set forth in the table below. The Offers were made on the terms and subject to the conditions contained in the tender offer memorandum dated 14 February 2013 (the “Tender Offer Memorandum”). Capitalised terms used but not otherwise defined in this announcement shall have the meanings given to them in the Tender Offer Memorandum. Notes accepted for purchase pursuant to the Offers reflect the Company’s continued robust liquidity position and are consistent with its recent liability management initiatives. In 2012, the Company decreased its outstanding long-term debt by approximately $17 billion through liability management initiatives, including the previously announced redemptions of trust preferred securities. Coupled with the ongoing natural maturing of long-term debt that requires no refinancing, these initiatives result in lower borrowing costs and reduce the overall level of the Company’s long-term debt outstanding. The Company will continue to consider opportunities to repurchase its long-term as well as short-term debt based on several factors, including without limitation the economic value, potential impact on the Company’s net interest margin and borrowing costs and the overall remaining tenor of its debt portfolio. The Company hereby announces that it has accepted for purchase (i) all £2018 Notes validly tendered at a purchase spread at or above 154 bps in full; (ii) all £2030 Notes and £2038 Notes validly tendered at the relevant Sterling Maximum Purchase Spread in full; and (iii) all Euro Notes validly tendered at the Euro Maximum Purchase Spread in full (as set out in the table below), resulting in an aggregate U.S.-dollar equivalent nominal amount repurchased of $440,956,450.90. The Purchase Price for each Series of Notes was determined at or around 2:00 p.m. (London time) today in accordance with the terms set out in the Tender Offer Memorandum by reference to the sum of the relevant Clearing Spread and the relevant Benchmark Security Rate or the Interpolated Euro Mid-Swap Rate (as applicable) as follows: £2018 Notes £2030 Notes £2038 Notes Euro Notes ISIN XS0355738799 XS0116066449 XS0372391945 XS0433943718 Outstanding Nominal £497,615,000 £251,565,000 £535,073,000 €902,490,000 Amount Series Acceptance £47,726,000 £82,684,000 £55,751,000 €114,657,000 Amount 5.00% U.K. 4.750% U.K. 4.750% U.K. Interpolated Benchmark Treasury Gilt Treasury Gilt Treasury Gilt Euro Mid-Swap due March due December due December Rate 2018 2030 2038 Benchmark Security Rate or Interpolated 0.959% 2.949% 3.299% 0.471% Euro Mid-Swap Rate (as applicable) Clearing 154 bps 140 bps 145 bps 10 bps Spread Purchase 2.499% 4.349% 4.749% 0.571% Yield Purchase 124.139% 125.244% 130.020% 108.755% Price Accrued 6.915% 3.490% 1.214% 5.193% Interest Outstanding Nominal Amount after £449,889,000 £168,881,000 £479,322,000 €787,833,000 the Settlement Date The applicable Purchase Price, together with Accrued Interest, will be paid to Noteholders whose Notes have been accepted for purchase by the Company. The Settlement Date for the Offers is expected to be 28 February 2013. Citigroup Inc. has retained its affiliate Citigroup Global Markets Limited to serve as the Dealer Manager, and its affiliate Citibank, N.A., London Branch has been retained to serve as Tender Agent for the Offers. For additional information regarding the terms of the Offers, please contact: Citigroup Global Markets Limited at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, Attention: Liability Management Group, or by telephone at +44 20 7986 8969 or email firstname.lastname@example.org. For any questions regarding the tender of Notes, please contact Citibank, N.A., London Branch at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, Attention: Exchange Team, or by telephone at +44 20 7508 3867 or email email@example.com. DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Offers. If any Noteholder is in any doubt as to the action it should take, it is recommended to seek its own financial advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent financial adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to tender Notes in the Offers. None of Citigroup Inc., the Dealer Manager or the Tender Agent nor any of their respective directors, employees or affiliates makes any recommendation whether Noteholders should tender Notes in the Offers About Citi Citi, the leading global financial services company, 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. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi Certain statements in this release, including without limitation the anticipated consummation and successful completion of the Offers (including the satisfaction of the conditions described in the Tender Offer Memorandum), the possible amendment, extension or abandonment of one or more of the Offers, and Citigroup Inc.’s successful execution of its liability management strategy, 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 (i) the level of participation in the Offers, and (ii) the precautionary statements included in this release and in the Tender Offer Memorandum, and those contained in Citigroup Inc.’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup Inc.’s 2011 Annual Report on Form 10-K. Contact: Citi Jeffrey French firstname.lastname@example.org +44(0)207 500 8304
Citigroup Inc. Announces Purchase Prices and Final Tender Results
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