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Citigroup accepts tenders for 20.38% of Pro Rata Funding preferreds
By Jennifer Chiou
New York, Sept. 21 - Citigroup Global Markets Inc. said it accepted tenders from holders of 6,725, or 20.38%, of the 33,000 preferred shares issued by Pro Rata Funding Ltd.
The offer ended at 11:59 p.m. ET on Sept. 20 after having been extended from Sept. 16. It was previously extended to Sept. 15 from Sept. 14. Withdrawal rights expired at 11:59 p.m. ET on Sept. 14.
Citigroup was offering $100 per preferred.
As reported, the preferreds were sold for $1,000 each in September 2003 for a total of $33 million.
Holders had to tender at least 500 preferreds in order to participate.
The offer was not conditioned on financing.
Citi already noted that it is a current owner of 25,275 preferreds, but it does not believe that it is an "affiliate" of the issuer within the meaning of the Securities Act.
The information agent and depositary was Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 866 294-2200). Questions should be directed to John Clements, managing director of Citi's structured credit group, at 212 723-6173.
Citigroup is a financial services company based in New York.
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