Citigroup to Redeem Preferred Sock, Series J.NEW YORK--(BUSINESS WIRE)--Jan. 12, 1999--Citigroup announced today that on Feb. 11, 1999 it will redeem for cash all outstanding shares of its 8.08% 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 J. 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 $25 per depositary share, plus accrued dividends to the date of redemption. Currently $200 million of this 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. The Series J Preferred Stock was issued in 1993 by Salomon Inc., which in 1997 merged with a subsidiary of Travelers Group Inc., which in turn merged with Citicorp on Oct. 8, 1998 to form Citigroup. Shares 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 hand: Citibank, N.A., 111 Wall Street, 5th Floor Receive Window, 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 , N.Y. If by mail: Citibank, N.A., P.O. Box 1009, Paramus, NJ 07653. If by overnight courier: Citibank, N.A., 400 Sette Drive, Paramus, N.J. 07652. |
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