Citigroup in $12.5 Billion Private Convertible Preferred Stock Sale

Cleary Gottlieb was counsel to Citigroup in its $12.5 billion private sale of convertible preferred stock. The offering includes a $6.88 billion investment from the Government of Singapore Investment Corporation, as well as investments from Capital Research Global Investors, Capital World Investors, the Kuwait Investment Authority, the New Jersey Division of Investment, HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, and Sanford I Weill and The Weill Family Foundation. The offering was announced on January 15, 2008 and closed on January 23, 2008.

Citi also conducted a $3.17 billion public offering of newly issued convertible preferred stock, and a $3.72 billion offering of straight preferred stock. The firm acted as underwriters’ counsel on the public offerings.