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Citigroup Capital XIV, 6.875% Enhanced TruPS Trust Preferred Securities
Ticker Symbol: C-O* CUSIP: 17309E200 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/16/2013
Security has been Called for: Tuesday, April 16, 2013
Mar 15, 2013 -- Citigroup Inc. is announcing the redemption, in whole, of the following four series of its trust preferred securities:
the 7.125% TRUPS® issued by Citigroup Capital VII (CUSIP:17306N203);
the 6.950% TRUPS® issued by Citigroup Capital VIII (CUSIP:17306R204);
the 6.875% Enhanced TRUPS® issued by Citigroup Capital XIV (CUSIP:17309E200); and
the 6.500% Enhanced TRUPS® issued by Citigroup Capital XV (CUSIP:17310G202).
The redemption date for each series of Redeemed TRUPS® is April 16, 2013. The cash redemption price payable for each Redeemed TRUPS® on the redemption date will equal:
for Citigroup Capital VII, $25 plus $0.3018229167 in accumulated and unpaid distributions;
for Citigroup Capital VIII, $25 plus $0.1496180556 in accumulated and unpaid distributions;
for Citigroup Capital XIV, $25 plus $0.0763888889 in accumulated and unpaid distributions; and
for Citigroup Capital XV, $25 plus $0.1399305556 in accumulated and unpaid distributions.
The Redeemed TRUPS® are being redeemed, along with the common securities issued by Citigroup Capital VII, Citigroup Capital VIII, Citigroup Capital XIV and Citigroup Capital XV (collectively, the “Capital Trusts”) and held by Citigroup, as a result of the concurrent redemption in whole by Citigroup of the junior subordinated debt securities held by each Capital Trust which underlie the respective series of Redeemed TRUPS®. Beginning on the redemption date, the Redeemed TRUPS® will no longer be considered outstanding and distributions will no longer accrue on such securities. The Bank of New York Mellon is the paying agent for the Redeemed TRUPS®. ____________ 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 XIV, 6.875% 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 6/30/2011 at $25 per share plus accrued and unpaid dividends, and maturing 6/30/2066. Distributions of 6.875% ($1.71875) per annum are paid quarterly on 3/30, 6/30, 9/30 & 12/30 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 40 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 6.875% Junior Subordinated Deferrable Interest Debentures due 6/30/2066 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 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 - 6/28/2006 - 20.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: CIGXP Changed: 7/26/2006
Market Value $500.0 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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