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Citigroup Inc | 8.125% Non-Cumulative Preferred Stock, Series AA (C.PRP)

Prospectus exerpt:  Citigroup Inc. is offering 130,000,000 depositary shares, each representing a 1/1,000th interest in a share of perpetual 8.125% Non-Cumulative Preferred Stock, Series AA, $1.00 par value, with a liquidation preference of $25,000 per share (equivalent to $25 liquidation preference per depositary share) (the “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 Preferred Stock (including dividend, voting, redemption and liquidation rights).

Citigroup will pay cash dividends on the 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 8.125% per year on the liquidation preference amount of $25,000 per share of Preferred Stock (equivalent to $2.03125 per depositary share per year). Dividends on the Preferred Stock will not be cumulative.

The Preferred Stock is not redeemable prior to the dividend payment date occurring on February 15, 2018. Citigroup may redeem the Preferred Stock, in whole or in part, on any dividend payment date on or after February 15, 2018 as to which Citigroup has declared a dividend in full on the Preferred Stock at a redemption price equal to $25,000 per share (equivalent to $25 per depositary share). Under current rules and regulations, Citigroup would need regulatory approval to redeem the Preferred Stock. Additionally, any redemption of the 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.

Citigroup is concurrently offering in private placements exempt from registration under the Securities Act $12.5 billion aggregate liquidation preference of non-cumulative convertible preferred stock represented by depositary shares ranking equally with the Preferred Stock. In addition, Citigroup is concurrently offering to the public convertible preferred stock represented by depositary shares ranking equally with the Preferred Stock. The offering of the Preferred Stock is not conditioned on the completion of any other offering.

Full Prospectus PDF », C Page »

Series:AA
Redeemable?:Yes
Call Date:2/15/2018
Perpetual?:Yes
Cumulative?:No
Shares Offered:130,000,000
Overallotment:19,500,000
Liquidation Preference:$25
Recent Market Price:$28.63
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$3.63 (14.52%)
Annualized Dividend:2.03125
Recent Ex-Date:8/1/2014
Current Yield:7.09%
Original Coupon:8.125%
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:  97 (see which ones)
Total Market Value Held by ETFs:  $5,466,290,714
Total Market Capitalization:  $155,803,000,000
% of Market Cap. Held by ETFs:  3.51%

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