Citigroup plans noncallable fixed-to-floaters with 3.25% initial rate

By Marisa Wong

Madison, Wis., Sept. 2 - Citigroup Funding Inc. plans to price noncallable fixed-to-floating notes due Sept. 29, 2016, according to an FWP filing with the Securities and Exchange Commission.

The notes will bear interest at 3.25% for the first year. After that, the coupon will be Libor plus 135 basis points, subject to a maximum rate of 7% per year for any interest period. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 1730T0NU9) will price Sept. 26 and settle three business days after that.

Citigroup Global Markets Inc. is the underwriter.

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