Citigroup Announces Full Redemption of Series T Preferred Stock
Citigroup Inc. is redeeming, in whole, all $1.5 billion aggregate liquidation preference of 1,500,000 Depositary Shares each representing a 1/25th interest in its 6.250% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series T (the “Preferred Stock”).
The redemption date is August 15, 2026 for the Preferred Stock and related Depositary Shares (the “Redemption Date”). The cash redemption price for each Depositary Share will equal $1,000 and will be paid on August 17, 2026 (the “Redemption Payment Date”), the business day immediately following the Redemption Date. Holders of record on a date to be declared by Citigroup's board of directors prior to the Redemption Date will receive the regular quarterly dividend per Depositary Share, in an amount that will be declared prior to the Redemption Date, which will be payable on the Redemption Payment Date.
The redemption announced today reflects Citigroup’s ongoing efforts to enhance the efficiency of its funding and capital structure. Citigroup’s redemptions are based on several factors, including without limitation, the economic value, regulatory changes, potential impact on Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup's debt portfolio, capital impact, as well as overall market conditions.
