Thursday, Citigroup Inc. (C) said it commenced a cash tender offer and offer to buyback $7.32 billion in senior notes as part of a liability management strategy that utilizes excess cash to retire generally older vintage debt nearing maturity. The notes are based on U.S. dollar exchange rates as of January 20, and may be withdrawn at any time prior to the expiration date, but may not be withdrawn thereafter. The offer will expire on February 3, unless extended or earlier terminated.
Citigroup offer is made on an offer to purchase on January 21, and a related letter of transmittal. It is not expected to have any impact on the company's structural liquidity.
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. Citigroup anticipates the settlement date to be February 8.
Citigroup Global Markets Inc. will serve as the dealer manager for the offer and Global Bondholder Services Corporation as the depositary and information agent with respect to the Notes denominated in U.S. dollars.
C is currently trading at $3.26, down $0.20 or 5.78% on a volume of 566.14million shares on the NYSE.
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