Citigroup extends early dates for CitiFinancial's 6.625%, 7.875% notes

By Susanna Moon

Chicago, Jan. 10 - Citigroup Inc. said it extended the early tender deadline for the exchange offers for the $192,226,000 of 6.625% notes due 2015 and $200 million of 7.875% notes due 2025 issued by CitiFinancial Credit Co. (formerly Commercial Credit Co.) to 11:59 p.m. ET on Jan. 24 from 5 p.m. ET on Jan. 7.

The exchange offer also will end at 11:59 p.m. ET on Jan. 24. It began on Dec. 27.

Citi also said it received the required consents for its 6.625% notes.

The exchange offer is being made only to eligible holders, and the consent solicitations are being made to all holders.

An eligible holder is either a qualified institutional buyer as defined in Rule 144A under the Securities Act or outside the United States and a person other than a U.S. person as defined in Rule 902 under the Securities Act.

Eligible holders can either exchange their notes for 4.75% notes due 2015 issued by Citigroup or deliver consents without tendering their notes. Those who exchange will be deemed to have delivered consents.

For each $1,000 principal amount, holders will receive $1,077.50 principal amount of new notes in exchange for 6.625% notes and $1,142.50 principal amount of new notes in exchange for 7.875% notes. These amounts include $20.00 of new notes for each note tendered by the early tender deadline.

Interest on the new notes will accrue from Nov. 19. In addition to the new notes, holders who exchange will receive a cash amount equal to the amount of accrued interest on the old notes up to but excluding the settlement date less the amount of accrued interest on the new notes from Nov. 19 up to but excluding the settlement date.

Holders who deliver consents without tendering their notes will receive a consent fee of $20.00 per $1,000 principal amount of notes.

The completion of the exchange offer and solicitations require the receipt of consents from the holders of two-thirds of the outstanding principal amount of each series of notes.

The information agent is Global Bondholder Services Corp. (866 612-1500 or 212 925-1630).

The financial services company is based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.