Citi’s $2.3 Billion Offering

February 10, 2021

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in a registered offering by Citigroup Inc. (Citi) of 2.3 million depositary shares, each representing a 0.25 interest in a share of 3.875% fixed-rate reset noncumulative perpetual preferred stock, Series X ($25,000 liquidation preference per share).

The offering priced on February 10, 2021, and will close on February 18, 2021.

Instead of the initial fixed dividend rate of 3.875% transitioning from a fixed rate to a floating rate on the first call date, the dividend payment calculation for the preferred stock will reset to a new fixed rate on February 18, 2026, and every five years after that date. The new fixed rate will be calculated based on the five-year treasury rate three days prior to each reset date.

Citi, a global diversified financial services holding company, provides a broad range of financial products and services to consumers, corporations, governments, and institutions. Citigroup has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.