Citigroup Inc. Announces the Reference Yields and Total Consideration for Fixed Spread Offers

Citigroup Inc. (“Citigroup”) today announced the applicable Reference Yield and Total Consideration in the previously announced cash tender offers with respect to each series of Notes subject to the Fixed Spread Offers listed in the table below.

Notes tendered pursuant to these Offers reflect Citigroup’s continued robust liquidity position and are consistent with its recent liability management initiatives. Year-to-date, and excluding the Offers, Citigroup has decreased its outstanding long-term debt by approximately $13.9 billion through liability management initiatives, including the previously announced redemptions of trust preferred securities. Coupled with the ongoing natural maturing of long-term debt that requires no refinancing, these initiatives result in lower borrowing costs and reduce the overall level of Citigroup’s long-term debt outstanding. Citigroup will continue to consider opportunities to repurchase its long-term as well as short-term debt based on several factors, including without limitation the economic value, potential impact on Citigroup’s net interest margin and borrowing costs and the overall remaining tenor of its debt portfolio.

The Fixed Spread Offers are being made pursuant to the offer to purchase dated November 21, 2012 (the “Offer to Purchase,” as may be amended or supplemented from time to time), and the related letter of transmittal (the “Letter of Transmittal,” as may be amended or supplemented from time to time) which set forth in more detail the terms and conditions of the Fixed Spread Offers. Capitalized terms used but not otherwise defined in this announcement shall have the meaning given to them in the Offer to Purchase.

The Reference Yield and Total Consideration for each series of Notes subject to the Fixed Spread Offers were determined at or around 2:00 p.m., New York City time, on December 10, 2012 in accordance with the terms set forth in the Offer to Purchase by reference to the relevant Fixed Spread and the relevant Reference U.S. Treasury Security as follows:

Fixed Spread Offers
Title of SecurityCUSIP / ISIN

Series Tender

Reference U.S.
Treasury Security



Fixed Spread

Early Tender

Tender Offer


6.500% Senior Notes
due 2013

172967EU1 /


0.250% Treasury
due 10/31/2014

FIT1 0.240% 35 $30 $1,007.95 $1,037.95

6.000% Senior
Notes due 2013

172967FE6 /


0.250% Treasury
due 10/31/2014

FIT1 0.240% 45 $30 $1,020.78 $1,050.78

5.125% Senior
Notes due 2014

172967CK5 /


0.250% Treasury
due 10/31/2014

FIT1 0.240% 65 $30 $1,026.93 $1,056.93

5.500% Senior
Notes due 2014

172967EZ0 /


0.250% Treasury
due 10/31/2014

FIT1 0.240% 105 $30 $1,044.65 $1,074.65

6.010% Senior
Notes due 2015

172967FA4 /


0.375% Treasury
due 11/15/2015

FIT1 0.316% 100 $30 $1,064.62 $1,094.62

4.750% Senior
Notes due 2015

172967FD8 /


0.375% Treasury
due 11/15/2015

FIT1 0.316% 105 $30 $1,049.44 $1,079.44

4.700% Senior
Notes due 2015

172967CY5 /


0.375% Treasury
due 11/15/2015

FIT1 0.316% 105 $30 $1,049.16 $1,079.16

4.587% Senior
Notes due 2015



0.375% Treasury
due 11/15/2015

FIT1 0.316% 115 $30 $1,060.28 $1,090.28

5.300% Senior
Notes due 2016

172967DE8 /


0.750% Treasury
due 10/31/2017

FIT1 0.609% 90 $30 $1,081.78 $1,111.78
(1) Expressed in U.S. dollars per $1,000 principal amount of the Notes. We will also pay accrued and unpaid interest to, but not including, the Settlement Date. The Early Tender Premium is included in the Total Consideration.

The applicable Total Consideration, together with Accrued Interest, will be paid to Holders of Notes that are validly tendered on or prior to previously announced Early Tender Date of 11:59 p.m., New York City time, on December 21, 2012 and are accepted for purchase.

Citigroup has retained its affiliate Citigroup Global Markets Inc. to serve as the dealer manager for the Offers. Global Bondholder Services Corporation has been retained to serve as the depositary and information agent with respect to the Notes.

For additional information regarding the terms of the Offers, please contact Citigroup Global Markets Inc. at either (800) 558-3745 (toll free) or (212) 723-6106. Requests for documents and questions regarding the tender of Notes may be directed to Global Bondholder Services Corporation at (866) 873-7700 (toll free) or (212) 430-3774 (collect).

The Offer to Purchase and related Letter of Transmittal were first distributed to holders of Notes on November 21, 2012 and published on the website of the Luxembourg Stock Exchange ( on November 22, 2012. Copies of the Offer to Purchase and the Letter of Transmittal may also be obtained at no charge from Global Bondholder Services Corporation.

None of Citigroup, its board of directors, the dealer manager, the depository or the information agent makes any recommendation as to whether any holder of the Notes should tender or refrain from tendering all or any portion of the principal amount of the Notes.

This press release is neither an offer to purchase nor a solicitation to buy any of these Notes nor is it a solicitation for acceptance of any of the Offers. Citigroup is making the Offers only by, and pursuant to the terms of, the Offer to Purchase and the related Letter of Transmittal. The Offers are not being made to (nor will tenders of Notes be accepted from or on behalf of) holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. This announcement must be read in conjunction with the Offer to Purchase and, where applicable, the related Letter of Transmittal.

United Kingdom. The communication of the Offer to Purchase and any other documents or materials relating to the Offers is not being made and such documents and/or materials have not been approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or within Article 43(2) of the Order, or to other persons to whom it may lawfully be communicated in accordance with the Order.

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

Certain statements in this release, including without limitation the anticipated consummation and successful completion of the Offers (including the satisfaction of the conditions described in the Offers to Purchase), the possible further amendment, extension or abandonment of one or more of the Offers, and Citigroup’s successful execution of its liability management strategy, are “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including without limitation (i) the level of participation in the Offers, and (ii) the precautionary statements included in this release and those contained in Citigroup’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2011 Annual Report on Form 10-K.


Citigroup Inc.
Mark Costiglio, 212-559-4114
Shannon Bell, 212-793-6206
Susan Kendall, 212-559-2718
Fixed Income Investors:
Jennifer Hendricks, 212-559-5091
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