Citigroup Inc. Announces Settlement Rate of 2.7924 Shares of Common Stock per T-DECS for Final Settlement of T-DECS on December 17, 2012
NEW YORK--(BUSINESS WIRE)-- Pursuant to the terms of the T-DECS, on December 17, 2012, Citi (C) will deliver 2.7924 shares of its common stock in settlement of the prepaid stock purchase contract component of each outstanding T-DECS, or 96,337,772 shares in aggregate in settlement of all T-DECS The number of shares of Citi common stock to be delivered per T-DECS was based on the applicable market value of Citis common stock, which was determined by averaging the daily volume weighted average prices of the common stock during the period from November 14 to December 12, 2012, inclusive. No additional consideration will be required from holders of the T-DECS in connection with the mandatory settlement of the purchase contracts.
The subordinated amortizing note component of the T-DECS also will mature on December 17, 2012, and none of Citis T-DECS will remain outstanding after that date.
You should refer to the T-DECS Prospectus dated December 16, 2009 and the related Current Report on Form 8-K filed on December 24, 2009 for the relevant provisions of the T-DECS.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Mark Costiglio, 212-559-4114
Shannon Bell, 212-793-6206
Susan Kendall, 212-559-2718
Fixed Income Investors:
Jennifer Hendricks, 212-559-5091
Source: Citigroup Inc.Copyright Business Wire 2012