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CITICORP PERCS OFFERING INCREASED TO $1 BILLION

 CITICORP PERCS OFFERING INCREASED TO $1 BILLION
 NEW YORK, Oct. 15 /PRNewswire/ -- Citicorp (NYSE: CCI) today


announced that it has started the offer of 68 million $1.217 depositary shares, each representing one-twelfth of a share of a new series of Preferred Equity Redemption Cumulative Stock (PERCS) at $14.75 per depositary share, through an underwriting group led by Morgan Stanley & Co. Incorporated.
 At this price the offering would raise approximately $1 billion, instead of the $650 million based on earlier plans. In addition, Citicorp has granted to the underwriters an option to purchase up to 10.2 million additional depositary shares from the company to cover any over-allotments.
 At Nov. 30, 1995, a depositary share will automatically convert into one share of Citicorp common stock. The depositary shares are subject to redemption by Citicorp at any time at an initial price of $23.931 each, declining to $20.28 at Oct. 1, 1995.
 The PERCS issue will be designated conversion preferred stock, Series 15, and pay a dividend at the rate of approximately 8.25 percent. The transaction is expected to close on Thursday, Oct. 22, 1992.
 The depositary shares have been approved for listing on the New York Stock Exchange.
 Copies of the prospectus relating to the offering may be obtained from Morgan Stanley & Co. Incorporated, 1251 Avenue of the Americas, New York, NY 10020 (telephone 212-703-4000).
 NOTE: "Preferred Equity Redemption Cumulative Stock" and "PERCS" are trademarks of Morgan Stanley & Co. Incorporated in connection with its investment banking services. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities without a prospectus or in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 10/15/92
 /CONTACT: John M. Morris, 212-559-4285; Richard J. Howe, 212-559-9425; or Robin M. Plotkin, 212-559-3896, all of Citicorp/
 (CCI) CO: Citicorp ST: New York IN: FIN SU: OFR


GK -- NY009 -- 0288 10/15/92 09:56 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
Words:348
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