ASFZ SEPT.17/12 Citigroup Announces Expiration and Final Tender Results of Offers to Purchase Seven Series of Outstanding Notes
Mon September 17, 2012 12:45 PM | about: C
NEWS PROVIDED BY:
Business Wire
NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. (C) (Citigroup) announced today the expiration and final tender results of the previously announced cash tender offers by Citigroup and its wholly-owned subsidiary Associates First Capital Corporation (Associates) with respect to each series of notes listed in the tables below (the Notes).
These Offers reflect Citigroups continued robust liquidity position and are consistent with its recent liability management initiatives. Year-to-date, Citigroup has decreased its outstanding long-term debt by approximately $11.9 billion through these initiatives, including the previously announced redemptions of trust preferred securities and assuming the completion of these Offers. Coupled with the ongoing natural maturing of long-term debt that requires no refinancing, these initiatives result in lower borrowing costs and reduce the overall level of Citigroups long-term debt outstanding. Citigroup will continue to consider opportunities to repurchase its long-term as well as short-term debt based on several factors, including without limitation the economic value, potential impact on Citigroups net interest margin and borrowing costs and the overall remaining tenor of its debt portfolio.
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The Expiration Date (September 14, 2012) for Notes validly tendered pursuant to the Offers has now passed. Notes that were validly tendered prior to the previously announced Early Tender Date (August 30, 2012) pursuant to the Offers and accepted for purchase will be entitled to receive the applicable Total Consideration, which is inclusive of the Early Tender Premium, plus accrued and unpaid interest to, but not including, the Settlement Date for such Notes. Notes that were validly tendered after the Early Tender Date but prior to the Expiration Date pursuant to the Offers and accepted for purchase will be entitled to receive the Tender Offer Consideration, which equals the Total Consideration minus the Early Tender Consideration, plus accrued and unpaid interest to, but not including, the Settlement Date for such Notes. The Settlement Date is expected to occur on September 18, 2012.
Because the aggregate principal amount of Notes of any series validly tendered in an Offer exceeds the Maximum Series Tender Cap for such series, subject to the terms and conditions of the Offers, Citigroup or Citigroup and Associates, as the case may be, have accepted tendered Notes of such series on a pro rata basis as described in the Offer to Purchase. The following table sets forth the Notes that are subject to the Offers, the aggregate principal amount of each series of Notes that was validly tendered and not validly withdrawn prior to the Expiration Date, the aggregate principal amount of each such series that was accepted for purchase and the approximate proration factor for each such series.
Fixed Spread Offers
Mon September 17, 2012 12:45 PM | about: C
NEWS PROVIDED BY:
Business Wire
NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. (C) (Citigroup) announced today the expiration and final tender results of the previously announced cash tender offers by Citigroup and its wholly-owned subsidiary Associates First Capital Corporation (Associates) with respect to each series of notes listed in the tables below (the Notes).
These Offers reflect Citigroups continued robust liquidity position and are consistent with its recent liability management initiatives. Year-to-date, Citigroup has decreased its outstanding long-term debt by approximately $11.9 billion through these initiatives, including the previously announced redemptions of trust preferred securities and assuming the completion of these Offers. Coupled with the ongoing natural maturing of long-term debt that requires no refinancing, these initiatives result in lower borrowing costs and reduce the overall level of Citigroups long-term debt outstanding. Citigroup will continue to consider opportunities to repurchase its long-term as well as short-term debt based on several factors, including without limitation the economic value, potential impact on Citigroups net interest margin and borrowing costs and the overall remaining tenor of its debt portfolio.
*****
The Expiration Date (September 14, 2012) for Notes validly tendered pursuant to the Offers has now passed. Notes that were validly tendered prior to the previously announced Early Tender Date (August 30, 2012) pursuant to the Offers and accepted for purchase will be entitled to receive the applicable Total Consideration, which is inclusive of the Early Tender Premium, plus accrued and unpaid interest to, but not including, the Settlement Date for such Notes. Notes that were validly tendered after the Early Tender Date but prior to the Expiration Date pursuant to the Offers and accepted for purchase will be entitled to receive the Tender Offer Consideration, which equals the Total Consideration minus the Early Tender Consideration, plus accrued and unpaid interest to, but not including, the Settlement Date for such Notes. The Settlement Date is expected to occur on September 18, 2012.
Because the aggregate principal amount of Notes of any series validly tendered in an Offer exceeds the Maximum Series Tender Cap for such series, subject to the terms and conditions of the Offers, Citigroup or Citigroup and Associates, as the case may be, have accepted tendered Notes of such series on a pro rata basis as described in the Offer to Purchase. The following table sets forth the Notes that are subject to the Offers, the aggregate principal amount of each series of Notes that was validly tendered and not validly withdrawn prior to the Expiration Date, the aggregate principal amount of each such series that was accepted for purchase and the approximate proration factor for each such series.
Fixed Spread Offers
