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C » Topics » Preferred Stock

These excerpts taken from the C 8-K filed Jun 10, 2009.
Preferred Stock” means the Series R Participating Cumulative Preferred Stock, $1.00 par value per share, of the Company, having the terms set forth in the form of certificate of designation attached hereto as Exhibit A.
 
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“
Preferred Stock”) of the Company at a purchase price of $20.00 per one one-millionth of a share (the “
This excerpt taken from the C 10-Q filed Aug 1, 2008.

13.   PREFERRED STOCK

        The following table summarizes the Company's Preferred stock outstanding at June 30, 2008 and December 31, 2007:

 
    
    
    
    
   Carrying Value
(in millions of dollars)
 
    
    
    
   Convertible to
approximate
number of
Citigroup common
shares
 
   Dividend Rate
   Redemption
price per
depositary share
   Number
of depositary shares
   June 30,
2008
   December 31,
2007
Series A(1)   7.000 % $ 50   137,600,000   217,569,501   $ 6,880   $ —
Series B(1)   7.000 %   50   60,000,000   94,870,422     3,000     —
Series C(1)   7.000 %   50   20,000,000   31,623,474     1,000     —
Series D(1)   7.000 %   50   15,000,000   23,717,605     750     —
Series E(2)   8.400 %   1,000   6,000,000   —     6,000     —
Series F(3)   8.500 %   25   81,600,000   —     2,040     —
Series J(1)   7.000 %   50   9,000,000   14,230,563     450     —
Series K(1)   7.000 %   50   8,000,000   12,649,389     400     —
Series L1(1)   7.000 %   50   100,000   158,117     5     —
Series N(1)   7.000 %   50   300,000   474,352     15     —
Series T(4)   6.500 %   50   63,373,000   93,940,985     3,169     —
Series AA(5)   8.125 %   25   148,600,000   —     3,715     —
   
 
 
 
 
 
                  489,234,408   $ 27,424   $ —
                 
 
     
(1)
Issued on January 23, 2008 as depositary shares, each representing a 1/1000th interest in a share of the corresponding series of Non-Cumulative Convertible Preferred Stock. Redeemable in whole or in part on or after February 15, 2015. Convertible into Citigroup common stock at a conversion rate of approximately 1,581.1737 per share, which is subject to adjustment under certain conditions. The dividend of $0.88 per depositary share is payable quarterly when, as and if declared by the Company's Board of Directors. Redemption is subject to a capital replacement covenant.

(2)
Issued on April 28, 2008 as depositary shares, each representing a 1/25th interest in a share of the corresponding series of Fixed Rate/Floating Rate Non-Cumulative Preferred Stock. Redeemable in whole or in part on or after April 30, 2018. Dividends are payable semi-annually for the first 10 years until April 30, 2018 at $42.70 per depositary share and thereafter quarterly at floating rate when, as and if declared by the Company's Board of Directors.

(3)
Issued on May 13, 2008 and May 28, 2008 as depositary shares, each representing a 1/1000tth interest in a share of the corresponding series of Non-Cumulative Preferred Stock. Redeemable in whole or in part on or after June 15, 2013. The dividend of $0.53 per depositary share is payable quarterly when, as and if declared by the Company's Board of Directors.

(4)
Issued on January 23, 2008 and January 29, 2008 as depositary shares, each representing a 1/1000th interest in a share of the corresponding series of Non-Cumulative Convertible Preferred Stock. Redeemable in whole in or part on or after February 15, 2015. Convertible into Citigroup common stock at a conversion rate of approximately 1,482.3503 per share, which is subject to adjustment under certain conditions. The dividend of $0.81 per depositary share is payable quarterly when, as and if declared by the Company's Board of Directors. Redemption is subject to a capital replacement covenant.

(5)
Issued on January 25, 2008 as depositary shares, each representing a 1/1000tth interest in a share of the corresponding series of Non-Cumulative Preferred Stock. Redeemable in whole or in part on or after February 15, 2018. The dividend of $0.51 per depositary share is payable quarterly when, as and if declared by the Company's Board of Directors. Redemption is subject to a capital replacement covenant.

        If dividends are declared on Series E as scheduled, the impact from preferred dividends on earnings per share in the first and third quarters will be lower than the impact in the second and fourth quarters. All other series currently have a quarterly dividend declaration schedule.

93

This excerpt taken from the C 10-Q filed May 2, 2008.

12.   Preferred Stock

        The following table summarizes the Company's Preferred stock outstanding at March 31, 2008 and December 31, 2007:

 
    
    
    
    
   Carrying Value
(in millions of dollars)
 
    
    
    
   Approximately
convertible to
Citigroup common
shares
 
   Dividend Rate
   Redemption
price per
depositary share
   Number
of depositary shares
   March 31,
2008
   December 31,
2007
Series T(1)   6.500 % $ 50   63,373,000   93,944,135   $ 3,169   $ —
Series A(2)   7.000 % $ 50   137,600,000   217,573,120     6,880     —
Series B(2)   7.000 % $ 50   60,000,000   94,872,000     3,000     —
Series C(2)   7.000 % $ 50   20,000,000   31,624,000     1,000     —
Series D(2)   7.000 % $ 50   15,000,000   23,718,000     750     —
Series J(2)   7.000 % $ 50   9,000,000   14,230,800     450     —
Series K(2)   7.000 % $ 50   8,000,000   12,649,600     400     —
Series L1(2)   7.000 % $ 50   100,000   158,120     5     —
Series N(2)   7.000 % $ 50   300,000   474,360     15     —
Series AA(3)   8.125 % $ 25   148,600,000   —     3,715     —
   
 
 
 
 
 
                  489,244,135   $ 19,384   $ —
                 
 
     
(1)
Issued on January 23, 2008 and January 29, 2008 as depositary shares, each representing a 1/1000th interest in a share of the corresponding series of Non-Cumulative Convertible Preferred Stock. Redeemable in whole or in part on or after February 15, 2015. Convertible into Citigroup common stock at a conversion rate of approximately 1.4824 per depositary share, which is subject to adjustment under certain conditions. The dividend of $0.81 per depositary share is payable quarterly when, as and if declared by the Company's Board of Directors. Redemption is subject to a capital replacement covenant.

(2)
Issued on January 23, 2008 as depositary shares, each representing a 1/1000th interest in a share of the corresponding series of Non-Cumulative Convertible Preferred Stock. Redeemable in whole or in part on or after February 15, 2015. Convertible into Citigroup common stock at a conversion rate of approximately 1.5812 per depositary share, which is subject to adjustment under certain conditions. The dividend of $0.88 per depositary share is payable quarterly when, as and if declared by the Company's Board of Directors. Redemption is subject to a capital replacement covenant.

(3)
Issued on January 25, 2008 as depositary shares, each representing 1/1000tth interest in a share of the corresponding series of Non-Cumulative Preferred Stock. Redeemable in whole or in part on or after February 15, 2018. The dividend of $0.51 per depositary share is payable quarterly when, as and if declared by the Company's Board of Directors. Redemption is subject to a capital replacement covenant.

        On April 28, 2008, the Company issued an additional $6 billion of 8.40% fixed rate/floating rate non-cumulative preferred stock, known as Series E, in a public offering. Dividends will be paid semi-annually on the Series E at a fixed rate for the first 10 years, until April 30, 2018, after which dividends will be paid quarterly at a floating rate so long as the Series E preferred stock remains outstanding.

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EXCERPTS ON THIS PAGE:

8-K (2 sections)
Jun 10, 2009
10-Q
Aug 1, 2008
10-Q
May 2, 2008

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