Citigroup’s $4 Billion Notes Offering

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in the offering.

Citigroup Inc. issued a registered offering of $4 billion of 4.412% Fixed Rate / Floating Rate Callable Senior Notes due 2031.

The securities were offered for sale in the United States, Europe, Asia and elsewhere.

The interest payment calculation during the floating rate period beginning March 31, 2030 will be based on the Secured Overnight Funding Rate (SOFR) compounded daily over each quarterly interest period. SOFR is the rate proposed to replace LIBOR in the capital markets.

The Cleary Gottlieb team advising the underwriters included partner Jeff Karpf (Picture), senior attorney Elizabeth Chang, associate Hannah Pickens and law clerks Stephen Janda and Jacqueline Mijin Kang. Partner Bill McRae, associate Anthony Yanez and law clerk Colleen O’Donnell provided tax advice.

Involved fees earner: Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; William McRae – Cleary Gottlieb Steen & Hamilton; Hannah Pickens – Cleary Gottlieb Steen & Hamilton; Anthony Yanez – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Citigroup Global Markets Ltd;

Author: Ambrogio Visconti