Citigroup Capital X to redeem its 6.1% trust preferreds on Oct. 1

By Tali David

Minneapolis, Aug. 29 - Citigroup Inc. will redeem the $369 million of 6.1% enhanced trust preferred securities issued by Citigroup Capital X in full, according to a press release.

The securities will be redeemed at $25 plus $0.0042361 of accumulated distributions on Oct. 1.

Citigroup said this redemption reflects its ongoing efforts to enhance the efficiency of its funding and capital structure.

Since the beginning of 2012 and including the redemption announced Thursday, Citigroup has retired about $25 billion of senior debt, subordinated debt, preferreds and trust preferreds, the release said.

Citigroup is a financial services group based in New York.

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