Citigroup gets tenders for $19.52 million of Dryden CDO notes

By Angela McDaniels

Tacoma, Wash., Aug. 22 - Citigroup Global Markets Inc. received tenders for $19,515,000 unpaid principal amount of notes in two tender offers that began July 25 and ended at 11:59 p.m. ET on Aug. 19.

In the first offer, the company offered to purchase any and all of the $41 million Income Notes due 2016 issued by Dryden VI-Leveraged Loan CDO 2004. Holders tendered $16,515,000 unpaid principal amount, or 40.28%, of the notes.

The purchase price is $580 per $1,000 of unpaid principal amount.

In the second offer, the company offered to purchase any and all of the following notes issued by Dryden VI-Leveraged Loan CDO 2004 and Dryden VI-Leveraged Loan CDO 2004 Inc. at the prices noted, which are per $1,000 of unpaid principal amount:

• $24,519,926.17 of class A-1 floating-rate senior notes due 2016 at $980;

• $19 million class A-2 floating-rate senior notes due 2016 at $970;

• $4 million class B-1 floating-rate deferrable senior subordinated notes due 2016 at $950;

• $24 million class B-2 fixed-rate deferrable senior subordinated notes due 2016 at $960;

• $23 million class C-1 floating-rate deferrable senior subordinated notes due 2016 at $910; and

• $5 million class C-2 fixed-rate deferrable senior subordinated notes due 2016 at $925.

Holders tendered $3 million unpaid principal amount, or 75%, of the class B-1 notes and none of the other notes.

In the second offer, holders will also receive accrued interest up to but excluding the settlement date.

The offers were conditioned on the receipt of tenders for at least $3,848,333 of the Income Notes. They were not conditioned on financing.

Tenders of Income Notes were accepted in any denomination. Holders of the remaining notes who wished to participate had to tender at least $500,000 of notes.

The information agent and depositary was Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 866 294-2200).

Citi is a financial services company based in New York.

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