Citigroup’s $3.5 Billion Notes Offering

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

Citigroup Inc. completed a registered offering of $3.5 billion of 3.106% Fixed Rate / Floating Rate Callable Senior Notes due 2026.

The securities were offered for sale in the United States, Europe, Asia and elsewhere. This offering is in addition to two other registered offerings by Citigroup over the past ten days in which Cleary acted as counsel to the underwriters. The total amount of the three offerings was $8.8 Billion.

The interest payment calculation during the floating rate period beginning April 8, 2025 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.

The Cleary team 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