Citigroup’s $2.5 Billion Notes Offering

Cleary Gottlieb represented the underwriters in the offering.

Citigroup Inc., on January 28, 2021, will issued a registered offering of $2.5 billion of 1.122% Fixed Rate / Floating Rate Callable Senior Notes due 2027. The securities were offered for sale in the United States, Europe, Asia and elsewhere.

The interest payment calculation during the floating rate period beginning January 28, 2026 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.

Citigroup Inc., a global diversified financial services holding company, provides a broad range of financial products and services to consumers, corporations, governments and institutions. Citigroup has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.

Cleary represented the underwriters, led by Citigroup Global Markets Inc., with a team which included partner Jeff Karpf (Picture), senior attorney Elizabeth Chang and associate Mijin (Jacqueline) Kang. Partner Bill McRae and law clerks Drew Schaefer and Zhiyuan Zuo provided tax advice.

Involved fees earner: Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Mijin Kang – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; William McRae – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Citigroup Global Markets Ltd;


Author: Ambrogio Visconti