Citi’s $5.5 Billion Offering

April 28, 2021

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in registered offerings of $3 billion of fixed-rate/floating-rate callable notes due 2032, $2 billion fixed-rate/floating-rate callable notes due 2025, and $500 million of floating-rate senior notes due 2025, all to be issued by Citigroup Inc. (Citi) on May 4, 2021.

The securities were offered for sale in the United States, Europe, Asia and elsewhere.

The interest payment calculation during the floating rate period 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. Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.