Citi’s $3.5 Billion Offering

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in a registered offering of $3.5 billion of 2.572% fixed-rate/floating-rate callable senior notes due 2031, to be issued by Citigroup Inc. on June 3, 2020.

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

The interest payment calculation during the floating rate period beginning June 3, 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.

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