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Citigroup Inc | 6.5% Non-Cumulative Convertible Preferred Stock, Series T (C.PRI)

This preferred is marked as having been called.
Prospectus exerpt:  Citigroup Inc. is offering 58,000,000 depositary shares, each representing a 1/1,000th interest in a share of perpetual 6.5% Non-Cumulative Convertible Preferred Stock, Series T, $1.00 par value, with a liquidation preference of $50,000 per share (equivalent to $50 liquidation preference per depositary share) (the “Convertible Preferred Stock”). Each depositary share, evidenced by a depositary receipt, entitles the holder, through the depositary, to a proportional fractional interest in all rights and preferences of the Convertible Preferred Stock (including conversion, dividend, voting, redemption and liquidation rights).

Citigroup will pay cash dividends on the Convertible Preferred Stock, when, as, and if declared by the board of directors of Citigroup or a duly authorized committee of the board, quarterly in arrears, on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2008, at a rate of 6.5% per year on the liquidation preference amount of $50,000 per share of Convertible Preferred Stock (equivalent to $3.25 per depositary share per year). Dividends on the Convertible Preferred Stock will not be cumulative.

Each share of the Convertible Preferred Stock may be converted, at any time, at the option of the holder, into 1,482.3503 shares of Citigroup common stock plus cash in lieu of fractional shares, subject to anti-dilution adjustments (such rate or adjusted rate, the “conversion rate”). Depositary shares may be converted only in lots of 1,000 depositary shares or integral multiples thereof. On or after February 15, 2013, Citigroup may, at its option, at any time or from time to time cause some or all of the Convertible Preferred Stock to be converted into shares of Citigroup common stock at the then-applicable conversion rate. Citigroup may exercise this conversion right if, for 20 trading days within any period of 30 consecutive trading days ending on the trading day preceding the date Citigroup gives notice of conversion at its option, the closing price of Citigroup common stock exceeds 130% of the then-applicable conversion price of the Convertible Preferred Stock.

Except in limited circumstances, the Convertible Preferred Stock is not redeemable prior to the dividend payment date occurring on February 15, 2015. Citigroup may redeem the Convertible Preferred Stock, in whole or in part, on any dividend payment date on or after February 15, 2015 as to which Citigroup has declared a dividend in full on the Convertible Preferred Stock at a redemption price equal to $50,000 per share (equivalent to $50 per depositary share). Under current rules and regulations, Citigroup would need regulatory approval to redeem the Convertible Preferred Stock. Additionally, any redemption of the Convertible Preferred Stock prior to the termination of the capital replacement covenant will be subject to the terms of such covenant as described in this prospectus supplement.

Full Prospectus PDF », C Page »

Series:T
Redeemable?:Yes
Call Date:2/15/2015
Perpetual?:Yes
Cumulative?:No
Conversion Ratio:1.4823503
Conversion Price:$33.73
Shares Offered:58,000,000
Overallotment:8,700,000
Liquidation Preference:$50
Original Coupon:6.500%
Pay Period:Quarterly
Pay Dates:15-Feb, 15-May, 15-Aug, 15-Nov
Citigroup is a financial services holding company whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, such as consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Co. operates in two primary business segments: Citicorp, consisting of Co.'s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of businesses and portfolios of assets that Co. has determined are not central to its core Citicorp businesses. As of Dec 31 2013, Co. had total assets of $1.88 trillion and total deposits of $968.27 billion.

Preferreds: C.PRW, C.PRE, C.PRG, C.PRH, C.PRM, C.PRO, C.PRP, C.PRQ, C.PRR, C.PRS, C.PRU, C.PRV, C.PRZ, C.PRF.CL, C.PRI, C.PRN, C.PRC, C.PRJ, C.PRK, C.PRL


Open the C Information Page »
Name:  Citigroup Inc
Website:  www.citigroup.com
Sector:  Banking & Savings
Number of ETFs Holding C:  85 (see which ones)
Total Market Value Held by ETFs:  $5,455,915,599
Total Market Capitalization:  $150,831,000,000
% of Market Cap. Held by ETFs:  3.62%

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