Citigroup To Buy Up To $700 Mln Of Outstanding Notes

(RTTNews) - Citigroup Inc. (C) Friday announced the commencement of its offer to purchase for cash up to $700 million aggregate principal amount of its outstanding 6.125% Notes due 2017. The Notes had an aggregate principal amount outstanding of about $3.9 billion as of August 21.

Citigroup said the Offer is consistent with its liability management strategy, and reflect efforts to enhance the efficiency of its funding and capital structure.

Since 2013, Citigroup redeemed or retired about $19.6 billion of securities, excluding exchanged securities, of which nearly $7.3 billion was redeemed or retired in 2014, reducing Citigroup's overall funding costs.