Citigroup Inc. today announced the results of its cash tender offers (the “Offers”) with respect to certain series of its notes listed in the table below (the “Notes”). As of the expiration date of the offers, which was 11:59 p.m., New York City time, on June 24, 2011, an aggregate principal amount of Notes in excess of the overall tender cap of $1.25 billion (the “Overall Tender Cap”) were validly tendered and not withdrawn.
Citi has accepted for purchase certain of the Notes that were validly tendered and not validly withdrawn, as indicated in the table below. The amount of Notes of each series that has been accepted for purchase has been determined based upon the Overall Tender Cap, the Acceptance Priority Level applicable to each series of Notes (as indicated below), and the U.S. dollar exchange rate applicable to each series of Notes denominated in currencies other than U.S. dollars as of 2:00 p.m., New York City time on June 23, 2011. Citi expects to settle all such tenders and commitments on June 30, 2011.
|Title of Security||Currency||CUSIP / ISIN||Exchange Listing||Acceptance Priority Level||Principal Amount Outstanding Prior to the Offer||Aggregate Principal Amount to be Purchased in Currency of Issuance||Aggregate Principal Amount Expected to be Outstanding After Settlement(1)|
Aggregate Principal Amount to be Purchased in U.S. Dollars(2)
|Any and All Offer|
|Waterfall Tender Offer|
|Floating Rate Notes due 2012||GBP||
|Floating Rate Notes due 2012||USD||172967CV1 / US172967CV17||
|SIX Swiss Exchange||3||CHF250,000,000||CHF0||CHF250,000,000||$0|
(1) The final amount outstanding of each series of Notes will be
published post-settlement, in accordance with applicable exchange rules.
(2) Based on the applicable exchange rate as of 2:00 p.m., New York City time on June 23, 2011.
The U.S. dollar denominated Floating Rate Notes due 2012 that were validly tendered and not validly withdrawn will be accepted on a pro rata basis, rounded downward to the nearest authorized denomination for such Notes. Due to the fact that Notes of a higher Acceptance Priority Level (lower numeric value) were tendered in excess of the Overall Tender Cap, none of the Swiss franc denominated 2.750% Notes due 2012 will be accepted for purchase.
Citi’s affiliate Citigroup Global Markets Inc. acted as the dealer manager for the Offers. Global Bondholder Services Corporation served as the depositary and information agent with respect to the Notes denominated in U.S. dollars. Lucid Issuer Services Limited served as tender agent and information agent with respect to Notes that are both denominated in currencies other than U.S. dollars and that are held at Euroclear or Clearstream.
This press release is neither an offer to purchase nor a solicitation to buy any of the Notes nor is it a solicitation for acceptance of any of the Offers. Citi made the Offers only by, and pursuant to the terms of, the Offer to Purchase and the related Letter of Transmittal previously distributed to holders of the Notes. The Offers were not made to, nor will tenders of the Notes be accepted from or on behalf of, holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. This announcement must be read in conjunction with the relevant Offer to Purchase and, where applicable, the related Letter of Transmittal.
United Kingdom. The communication of the Offer to Purchase and any other documents or materials relating to the Offers was not made and such documents and/or materials were not approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials were not distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion was only made to those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or within Article 43(2) of the Order, or to other persons to whom it may lawfully be communicated in accordance with the Order.
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.
Jon Diat, +1-212-793-5462
John Andrews, +1-212-559-2718
Fixed Income Investors:
Ilene Fiszel Bieler, +1-212-559-5091