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Citigroup to price step-up notes due 2026 with 4.5% initial rate
By Jennifer Chiou
New York, Oct. 19 - Citigroup Funding Inc. plans to price callable step-up notes due November 2026, according to an FWP with the Securities and Exchange Commission.
The interest rate will be 4.5% in years one through five, 5% in years six through 10, 5.5% in years 11 through 13 and 6.5% in years 14 and 15. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning on Nov. 2, 2014, the notes will be callable at par on any interest payment date.
The notes (Cusip: 1730T0PN3) are expected to price on Oct. 27 and settle in November.
Citigroup Global Markets Inc. is the underwriter.
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