Citigroup Inc. (C) disclosed the commencement of an offer to purchase for cash any and all of the series of its notes. The Notes have an aggregate principal amount outstanding of approximately $7.32 billion, based on U.S. dollar exchange rates as of January 20, 2010. This action is part of a liability management strategy that utilizes excess cash to retire generally older vintage debt nearing maturity and is expected to have no impact on Citi's structural liquidity.
The Offer will expire at 5:00 p.m., New York City time, on February 3, 2010, unless extended or earlier terminated.
Payments for the Notes purchased will include accrued and unpaid interest from, and including, the last interest payment date for the Notes up to, but not including the Settlement Date. The Settlement Date will occur promptly after the Expiration Date. Citi anticipates that the settlement date will be February 8, 2010.
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