By Wendy Van Sickle
Columbus, Ohio, March 1 – Citigroup Inc. priced $57 million of fixed-to-floating rate notes due Feb. 25, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 1.6% per year to but excluding May 25, 2023.
After that, it will accrue at an annual rate of SOFR plus 85 basis points, subject to a floor of zero.
The payout at maturity will be par plus any accrued interest.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Inc.
|
| Issue: | Fixed-to-floating rate notes
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| Amount: | $57 million
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| Maturity: | Feb. 25, 2025
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| Price: | Par
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| Coupon: | 1.6% annually, payable quarterly to but excluding May 25, 2023; after that, SOFR plus 85 bps with floor of 0%, payable quarterly
|
| Payout at maturity: | Par plus any interest
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 25
|
| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.1763%
|
| Cusip: | 17290A6S4
|
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