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Citigroup Capital XX, 7.875% Enhanced TruPS Trust Preferred Securities
Ticker Symbol: C-G** CUSIP: 173085200 Exchange: NYSE
* NOTE: This security is no longer trading as of 12/17/2012
Security has been Called for: Monday, December 17, 2012
11/14/2012 -- 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 ETRUPS®. 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®. ____________ This security is possibly subject to an early call as a result of the occurrence of a regulatory capital event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. ____________ On May 7, 2009, Citi announced it will increase the aggregate liquidation value of publicly held preferred stock and trust preferred securities it is offering to exchange for common stock to approximately $20.5 billion, from $15 billion as originally announced on February 27, 2009. All other terms of the offers, including the exchange factors and acceptance priority levels, remain unchanged. Additional information about the terms of the expanded exchange offers is provided below. Citi will offer to acquire any and all issued and outstanding depositary shares representing shares of its Series F, Series AA, Series T and Series E preferred stock. Subject to the terms and conditions of the exchange offers and assuming 100% participation by holders of depositary shares representing these series of preferred stock, Citi will accept for purchase approximately $14.9 billion aggregate liquidation value of preferred stock, which would leave approximately $5.6 billion in aggregate liquidation value available to accept trust preferred securities for purchase.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Citigroup Capital XX, 7.875% Enhanced TruPS (Enhanced Trust Preferred Secuirities), liquidation amount $25 per share, guaranteed by Citigroup Inc. (NYSE: C) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 12/15/2012 at $25 per share plus accrued and unpaid dividends, and maturing 12/15/2067. Cumulative distributions of 7.875% ($1.96875) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record one business day prior to the payment date while the securities remain in book-entry form. Dividends paid by trust preferred securities are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to five consecutive years before the alternative payment mechanism of selling common shares to pay dividends takes effect and up to 40 consecutive quanters without giving rise to an event of default (but not beyond the maturity date). The trust's assets consist of the 7.875% Junior Subordinated Deferrable Interest Debentures due 12/15/2067 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the enhanced trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (C)
IPO - 11/20/2007 - 30.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: CTPAP Changed: 12/20/2007
Market Value $750.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 399 Park Avenue, New York, NY 10043 |
| Main Phone Number |
212-559-1000 |
| Fax Number |
212-793-3946 |
| Investor Contact
John Andrews
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212-559-2718
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| Toll Free Phone Number |
877-936-2737 |
| CEO - Vikram Pandit |
CFO - John C. Gerspach |
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