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Citigroup plans 10-year fixed-to-floaters with 5% start rate, 6% cap
By Susanna Moon
Chicago, Sept. 18 – Citigroup Global Markets Holdings Inc. plans to price fixed-to-floating notes due Sept. 29, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 5% for the first year. After that, the rate will be Libor plus a spread of 100 basis points, up to a maximum coupon of 6%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
The notes will price on Sept. 27.
The Cusip number is 17324CMK9.
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