|
Citigroup, Inc., 6.875% Dep Shares Fixed/Float Non-Cumul Preferred Stock Ser K
Ticker Symbol: C-K* CUSIP: 172967341 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/15/2023
Security has been Called for: Wednesday, November 15, 2023
|
October 16, 2023 -- Citigroup Inc. is redeeming, in whole, all $1.495 billion aggregate liquidation preference of Series K Depositary Shares representing interests in its 6.875% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series K (ticker “C Pr K”) (the “Preferred Stock”).
The redemption date for the Preferred Stock and related Depositary Shares is November 15, 2023 (the “Redemption Date”). The cash redemption price, payable on the Redemption Date for each Depositary Share, will equal $25. Any quarterly dividend declared but not paid prior to the Redemption Date will be paid on the Redemption Date to holders of record on a date prior to the Redemption Date set by Citigroup’s Board of Directors. On February 27, 2023 -- Citi issued a press release to provide notice that, after the Cessation Date, the relevant USD LIBOR rate in each Legacy LIBOR Instrument is planned to be replaced with the CME Term SOFR Reference Rate published for the one-, three- or six-month tenor corresponding to the relevant USD LIBOR rate as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator thereof) (“Term SOFR”) plus a tenor spread adjustment. The replacement of USD LIBOR with Term SOFR plus a tenor spread adjustment will be effective for determinations under the terms of the Legacy LIBOR Instruments that are made after the Cessation Date, but will not affect any determinations made on or prior to the Cessation Date. The 3 Month Tenor spread adjustment is listed as 0.26161%. for this secuirty.
|
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: Citigroup, Inc., 6.875% depositary shares, each representing a 1/1000th interest in a share of the Fixed Rate/Floating Rate Non-Cumulative Preferred Stock, Series K, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 11/15/2023 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Fixed non-cumulative distributions of 6.875% per annum ($1.71875 per annum or $0.4296875 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). On and after 11/15/2023 distributions will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 at an annual rate equal to the three-month LIBOR CME Three Month Term SOFR plus 0.26161% plus 4.130%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-26 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as B1 by Moody’s and BB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Go to Parent Company's Record (C)
IPO - 10/24/2013 - 52.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: CTRGL Changed: 11/06/2013
Market Value $ Million
|
Company's Online Information Links
|
| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 388 Greenwich Street, New York, NY 10013 |
| Main Phone Number |
212-559-1000 |
| Fax Number |
Not Available |
| Investor Relations
Elizabeth Lynn
|
212-793-2033
|
| Toll Free Phone Number |
800-285-3000 |
| CEO - Jane Fraser |
CFO - Mark Mason |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|
