Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in a registered offering of 1.5 million depositary shares, each representing a 0.25 interest in a share of 4.7% fixed-rate/floating-rate noncumulative perpetual preferred stock, Series V ($25,000 liquidation preference per share).
The offering priced on January 15, 2020, and was issued by Citigroup Inc. on January 23, 2020.
The dividend payment calculation during the floating rate period beginning January 30, 2025, will be based on the secured overnight funding rate (SOFR) compounded daily over each quarterly dividend period for which dividends are declared. SOFR is the rate proposed to replace LIBOR in the capital markets.
Citigroup Inc. is a global diversified financial services holding company whose businesses provide a broad range of financial products and services to consumers, corporations, governments, and institutions.