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 February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2008, at a rate of 8.125% per year on the liquidation preference amount of $25,000 per share of Preferred Stock (equivalent to $2.03125 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 February 15, 2018. Citigroup may redeem the Preferred Stock, in whole or in part, on any dividend payment date on or after February 15, 2018 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. Additionally, any redemption of the Preferred Stock prior to the termination of the capital replacement covenant will be subject to the terms of such covenant as described in this prospectus supplement.
Citigroup is concurrently offering in private placements exempt from registration under the Securities Act $12.5 billion aggregate liquidation preference of non-cumulative convertible preferred stock represented by depositary shares ranking equally with the Preferred Stock. In addition, Citigroup is concurrently offering to the public convertible preferred stock represented by depositary shares ranking equally with the Preferred Stock. The offering of the Preferred Stock is not conditioned on the completion of any other offering.
|
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 » |
|
|
Free Email Alerts: Get Dividend Alerts Get SEC Filing Alerts |
|