Citigroup Inc.closed an offeringof an aggregate of $1.5 billion of depositary shares.

The offering included 1,500,000 shares, each representing a 0.04interest in a share of perpetual 6.250% noncumulative preferred stock series T,according to a Form 8-K filed April 26.

The company received net proceeds of approximately $1.48 billionbefore expenses, and if declared, will pay first dividend on Feb. 15, 2017.

Citigroup Global Markets Inc. acted as sole structuring agentand sole book runner.