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Citigroup to redeem all $1.5 billion of 5.95% series A preferreds
By William Gullotti
Buffalo, N.Y., Sept. 29 – Citigroup Inc. will redeem all $1.5 billion liquidation preference of its 5.95% fixed-rate/floating-rate non-cumulative series A preferred stock, according to a Friday press release.
The preferreds and related depositary shares will be repaid on Oct. 30 at par of $1,000 per depositary share plus the regular quarterly dividend payable on that date.
As with its July 14 redemption of its series B preferreds and depositary shares, Citigroup said the redemption is part of its continuing liability management strategy, which is intended to “enhance the efficiency of its funding and capital structure.”
Computershare Trust Co., NA is the paying agent.
Citigroup is a New York-based bank.
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