Citigroup to price 50-year putable floaters at Libor minus 35 bps

By Angela McDaniels

Tacoma, Wash., March 12 – Citigroup Global Markets Holdings Inc. plans to price floating-rate notes due March 18, 2069, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

The interest rate will be Libor minus 35 basis points, subject to a minimum interest rate of zero. Interest will be payable quarterly.

The issuer noted that there is uncertainty about the future of Libor. Interest will be calculated using a substitute or successor rate selected by the issuer if Libor is discontinued.

The payout at maturity will be par.

Beginning March 18, 2020, the notes will be putable semiannually, subject to a minimum of $100,000 principal amount of notes. Per $1,000 principal amount of notes, the repurchase amount will be $980 to and including Sept. 18, 2024, $990 from and including March 18, 2025 to and including Sept. 18, 2030 and par from and including March 18, 2031 to but excluding the maturity date.

Citigroup Global Markets Inc. is the underwriter.

The notes will price March 13.

The Cusip number is 17326YEU6.

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