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Citigroup plans noncallable fixed-to-floaters with 3.5% initial rate
By Toni Weeks
San Diego, July 25 - Citigroup Funding Inc. plans to price noncallable fixed- to floating-rate notes due Aug. 30, 2016, according to an FWP filing with the Securities and Exchange Commission.
The notes will bear interest at 3.5% for the first year. After that, the coupon will be Libor plus 125 basis points, subject to a cap of 3.5%. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 1730T0NC9) will price Aug. 25 and settle three business days later.
Citigroup Global Markets Inc. is the underwriter.
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