Citigroup Inc. ("Citigroup") announced today that it has increased the maximum aggregate principal amount of specified series of notes (the "Notes") that it will accept (each, a "Maximum Series Tender Cap") pursuant to its previously announced cash tender offers (each, an "Offer" and, collectively, the "Offers").
These Offers are consistent with Citigroup's liability management strategy and reflect its ongoing efforts to enhance the efficiency of its funding and capital structure. Since 2013, Citigroup redeemed or retired U.S. $17.7 billion of securities, excluding exchanged securities, of which U.S. $5.4 billion was redeemed or retired in 2014, reducing Citigroup's overall funding costs. Citigroup will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, 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.
The following table sets forth details of the Notes that are subject to the Offers, the aggregate principal amounts of Notes that were validly tendered and not validly withdrawn prior to 5 p.m., New York City time, on July 29, 2014 (the "Early Tender Date") and the revised Maximum Series Tender Cap for each of the 4.587% Notes due 2015 and the 1.250% Notes due 2016. The Maximum Series Tender Cap for the 2.250% Notes due 2015, the 5.300% Notes due 2016 and the 5.375% Notes due 2020 remain unchanged.