Citigroup will pay cash dividends on the Preferred Stock, when, as, and if declared by the board of directors of Citigroup or a duly authorized committee of the board, quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2008, at a rate of 8.50% per year on the liquidation preference amount of $25,000 per share of Preferred Stock (equivalent to $2.125 per depositary share per year). Dividends on the Preferred Stock will not be cumulative.
The Preferred Stock is not redeemable prior to the dividend payment date occurring on June 15, 2013. Citigroup may redeem the Preferred Stock, in whole or in part, on any dividend payment date on or after June 15, 2013 as to which Citigroup has declared a dividend in full on the Preferred Stock at a redemption price equal to $25,000 per share (equivalent to $25 per depositary share). Under current rules and regulations, Citigroup would need regulatory approval to redeem the Preferred Stock.
The Preferred Stock will not have voting rights, except in the limited circumstances described in ÙDescription of the Preferred Stock ? Voting Rightsˆ beginning on page S-10 and as specifically required by Delaware law.
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Citigroup is a financial services holding company whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Co. operates two primary operating segments: Institutional Clients Group, which includes banking and markets and securities services; and Global Consumer Banking, which provides banking services to retail customers through retail banking, branded cards and, in the U.S., retail services. Preferreds: C.PRG, C.PRH, C.PRV, C.PRZ, C.PRR, C.PRQ, C.PRO, C.PRU, C.PRW, C.PRE, C.PRF, C.PRI, C.PRP, C.PRM, C.PRN, C.PRC, C.PRJ, C.PRK, C.PRL, C.PRS Open the C Information Page » |
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