Citi to Redeem Preferred Stock.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Citi today announced that on October 9, 2007, it will redeem for cash all outstanding shares of its 5.864% Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. , Series M. The redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. will be $50.00 per depositary share, plus accrued dividends to the date of redemption. Currently, $200 million of Series M Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. is outstanding. Depositary Shares of Series M Preferred Stock are to be surrendered for payment of principal plus accrued dividends to Citibank, N.A., as redemption agent, for payment of the redemption price as follows: If by overnight courier: Citibank, N.A., Corporate Actions, 250 Royall Street, Canton, Massachusetts 02021. If by mail: Citibank, N.A., Corporate Actions, P.O. Box 43035, Providence, Rhode Island  “Providence” redirects here. For other uses, see Providence (disambiguation). Providence is the capital and the most populous city of the U.S. 02940-3035. Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com. |
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