Citigroup, Inc. (NYSE:C) has released the results of its cash tender offer to purchase any and all of certain series of its outstanding notes. As of the expiration date, February 3, $3.02 billion aggregate principal amount of Notes was tendered and not withdrawn to sell to Citi. The action is part of a liability management strategy to use excess cash to retire older vintage debt nearing maturity. The transactions are not anticipated to have any effect on the company’s structural liquidity. The company has accepted the purchase of all Notes validly tendered and not validly withdrawn, with the expectation of settling all tenders and commitments on February 8, 2010.
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Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company is engaged in providing a range of financial services to consumers and corporate customers. As of May 4, 2009, Citigroup had more than 200 million customer accounts and did business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citigroup provides consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. In August 2009, the Company sold three credit card portfolios. In September 2009, Citigroup Inc. completed the sale of Nikko Cordial Securities to Sumitomo Mitsui Financial Group, Inc.'s subsidiary, Sumitomo Mitsui Banking Corporation. In October 2009, the Company sold its Nikko Asset Management Co. to The Sumitomo Trust & Banking Co., Ltd.
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