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Citi commences cash tender offers

New York-based CitigroupInc. commenced offers to purchase several of its notes for cash, accordingto an April 27 news release.

The notes are the company's 5.850% notes due 2034, 5.875% notesdue 2037 and 6.875% notes due 2038.

The company is also offering to purchase its 2.550% notes due2019, with a $2 billion principal amount outstanding and $300 million maximum seriestender cap; 3.375% notes due 2023, with a $464.6 million principal amount outstandingand $70 million maximum series tender cap; 2.500% notes due 2019 with a $2 billionprincipal amount outstanding and $300 million maximum series tender cap; 3.875%notes due 2023 with a $1.43 billion principal amount outstanding and $215 millionmaximum series tender cap; 3.750% notes due 2024, with a $1.23 billion principalamount outstanding and $190 million maximum series tender cap; 5.875% notes due2033, with a $551.5 million principal amount outstanding and $50 million maximumseries tender cap; 6.00% notes due 2033, with a $673.7 million principal amountoutstanding and $20 million maximum series tender cap; 6.125% notes due 2036, witha $724.3 million principal amount outstanding and $60 million maximum series tendercap; 4.950% notes due 2043, with a $428.9 million principal amount outstanding and$65 million maximum series tender cap; and its 5.300% notes due 2044, with a $1billion principal amount outstanding and $20 million maximum series tender cap.

The offers will expire May 24 unless the offers are extendedor terminated. The early tender date is May 10 while the price determination dateis May 11. The early settlement date is expected to be May 13, while the final settlementdate is May 27.

Citigroup has retained its affiliate Citigroup Global MarketsInc. to serve as the sole dealer manager for the offers. Global Bondholder ServicesCorporation has been retained to serve as the depositary and information agent withrespect to the notes.