Citi plans non-callable fixed-to-floaters with 3% initial rate, 6% cap

By Susanna Moon

Chicago, Jan. 4 - Citigroup Funding Inc. plans to price noncallable fixed-to-floating notes due January 2015, according to an FWP with the Securities and Exchange Commission.

The interest rate will be 3% for the first two years. After that, it will be Libor plus 200 basis points, up to a maximum rate of 6%. Interest is payable quarterly.

The payout at maturity will be par.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on Jan. 25 and settle on Jan. 30.

The Cusip number is 1730T0VP1.

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