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Citigroup, Inc., 7.125% Dep Shares Fixed/Float Non-Cumul Preferred Stock Ser J
Ticker Symbol: C-J     CUSIP: 172967358     Exchange: NYSE
Security Type:   Traditional Preferred Stock

Security has been Called for:  Friday, March 29, 2024

February 28, 2024 -- Citigroup Inc. is redeeming, in whole, the remaining 22,000 shares outstanding of its 7.125% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series J (ticker “C Pr J”) (the “Preferred Stock”) and the corresponding Series J Depositary Shares representing interests in the Preferred Stock, equivalent to $550 million aggregate liquidation preference. 16,000 shares of the February 28, 2024 -- Preferred Stock and the related Depositary Shares, equivalent to $400 million aggregate liquidation preference, were previously redeemed on December 29, 2023. The redemption date for the Preferred Stock and related Depositary Shares is March 29, 2024 (the “Redemption Date”). The cash redemption price, payable on the Redemption Date for each Depositary Share, will equal $25. Holders of record on March 19, 2024, will receive the previously declared regular quarterly dividend of $0.6098105903 per Depositary Share payable on the Redemption Date.

November 29, 2023 -- Citigroup Inc. is redeeming 16,000 shares out of 38,000 shares outstanding of its 7.125% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series J (ticker “C Pr J”) (the “Preferred Stock”), equivalent to $400 million out of an outstanding total of $950 million aggregate liquidation preference of Series J Depositary Shares representing interests in its Preferred Stock. The redemption date for the Preferred Stock and related Depositary Shares is December 29, 2023 (the “Redemption Date”). The cash redemption price, payable on the Redemption Date for each Depositary Share, will equal $25. Holders of record on December 18, 2023, will receive the previously declared regular quarterly dividend of $0.606026875 per Depositary Share payable on the Redemption Date. The Depositary Shares to be redeemed will be selected in accordance with the applicable procedures of The Depositary Trust Company.

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., 7.125% depositary shares, each representing a 1/1000th interest in a share of the Fixed Rate/Floating Rate Non-Cumulative Preferred Stock, Series J, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 9/30/2023 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity.

Fixed non-Cumulative distributions of 7.125% per annum ($1.78125 per annum or $0.4453125 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 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 9/30/2023 distributions will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 at an annual rate equal to the three-month LIBOR CME Three Month Term SOFR plus 0.26161% plus 4.04%. 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-25 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.

Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NYSE
Chart
FixFloat
$1.78
$25.00
$25.00
Called for
3/29/2024

None
Ba1 BB+
5/21/2023
3/30, 6/30, 9/30 & 12/30
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
YES

Go to Parent Company's Record (C)

IPO - 9/12/2013 - 36.00 Million Shares @ $25.00 /share.    Link to IPO Prospectus
Previous Ticker Symbol: CIGRL    Changed: 9/27/2013
Market Value $ Million

Company's Online Information Links
HOME PAGE:     https://www.citigroup.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Inv Rel Email Address investorrelations@citi.com
General Email Address fixedincomeir@citigroup.com

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


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