Citigroup to Redeem Preferred Stock, Series K.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 22, 2001 Citigroup (NYSE NYSE See: New York Stock Exchange : C) today announced that on November 21, 2001, it will redeem for cash all outstanding shares of its 8.40% 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 K. 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 $25.00 per depositary share plus accrued dividends to the date of redemption. Currently, $250 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 K Preferred Stock was issued in 1996 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 or overnight courier: Corporate Agency and Trust Services, 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 , New York, 10005. If by mail: Corporate Actions, P.O. Box 2544, Jersey City, New Jersey, 07303-2544. Citigroup (NYSE: C), the preeminent global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with some 190 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com. |
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