By William Gullotti
Buffalo, N.Y., July 13 – Citigroup Inc. priced $5 million of fixed-to-floating rate notes due May 27, 2031 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% per year initially. Beginning on May 27, 2023, the interest rate is SOFR plus a spread of 100 basis points, subject to a floor of 0% and a maximum of 5%. Interest is payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Fixed-to-floating rate notes
|
| Underlying rate: | SOFR
|
| Amount: | $5 million
|
| Maturity: | May 27, 2031
|
| Coupon: | 2% per year until May 27, 2023; then SOFR plus 100 bps, with floor of 0% and a maximum of 5%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | May 25
|
| Settlement date: | May 27
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.5%
|
| Cusip: | 17298CMC9
|
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