Citi’s $3.5 Billion Offering

April 1, 2020

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in a registered offering of $3.5 billion of 3.106% fixed-rate/floating-rate callable senior notes due 2026 to be issued by Citigroup Inc. (Citi) on April 8, 2020.

The securities were offered for sale in the United States, Europe, Asia, and elsewhere. The offering is in addition to two other registered offerings by Citi over the past 10 days in which Cleary acted as counsel to the underwriters. The total amount of the three offerings was $8.8 billion.

The interest payment calculation during the floating rate period beginning April 8, 2025, will be based on the Secured Overnight Funding Rate (SOFR) compounded daily over each quarterly interest period. SOFR is the rate proposed to replace LIBOR in the capital markets.

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