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CITICORP FILES FOR OFFERING

 CITICORP FILES FOR OFFERING
 NEW YORK, Aug. 7 /PRNewswire/ -- Citicorp (NYSE: CCI) announced


today that it has filed a registration statement with the U.S. Securities and Exchange Commission for 32.5 million depositary shares of a new series of Preferred Equity Redemption Cumulative Stock (PERCS). Based on recent market prices, the proposed offering would raise approximately $650 million.
 The PERCS issue will be classified as preferred stock in Tier 1 capital, subject to applicable limitations.
 Each depositary share will be subject to conversion into one share of common stock at a mandatory conversion date in three years. Citicorp may call the depositary shares at predetermined redemption prices at any time prior to the mandatory conversion date, which would result in the delivery of less than one share of common stock if the company's stock price at that time is greater than the specified call price.
 Nancy S. Newcomb, Citicorp senior corporate officer for funding, said: "We are committed to our program to increase our capital, and view this as another important step in achieving that objective."
 The PERCS call price, dividend rate and maturity date will be determined prior to the offering. Citicorp will apply to list the PERCS on the New York Stock Exchange.
 The offering will be made through an underwriting syndicate managed by Morgan Stanley & Co. Incorporated. The underwriters will be granted an option to purchase up to an additional 4,875,000 depositary shares to cover over-allotments.
 A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news 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 in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
 Preferred Equity Redemption Cumulative Stock and PERCS are trademarks of Morgan Stanley & Co. Incorporated.
 -0- 8/7/92
 /CONTACT: John M. Morris, 212-559-4285, or Richard J. Howe, 212-559-9425, both of Citicorp/
 (CCI) CO: Citicorp ST: New York IN: FIN SU: OFR


PS -- NY048 -- 8178 08/07/92 17:05 EDT
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Publication:PR Newswire
Date:Aug 7, 1992
Words:385
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