Citigroup will pay cash dividends on the Preferred Stock, only when, as, and if declared by the board of directors of Citigroup, or a duly authorized committee of the board, out of funds legally available to pay dividends, (i) from the date of issuance of the Preferred Stock to, but excluding November 15, 2023, at an annual rate of 6.875% on the liquidation preference amount, quarterly in arrears, on February 15, May 15, August 15 and November 15 of each year (each, a “dividend payment date”), beginning on February 15, 2014, and (ii) from, and including, November 15, 2023, at an annual rate equal to three-month LIBOR plus 4.130% beginning on February 15, 2024. Dividends will not be cumulative. Citigroup may redeem the Preferred Stock (i) in whole or in part, from time to time, on any dividend payment date on or after November 15, 2023, or (ii) in whole but not in part at any time within 90 days following a Regulatory Capital Event, in each case at a cash redemption price equal to $25 per depositary share plus any declared and unpaid dividends and without accumulation of any undeclared dividends, to but excluding the redemption date. Under current rules and regulations, Citigroup would need regulatory approval to redeem the Preferred Stock. This security was issued by Citigroup Inc, whose common stock symbol is C.
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