Citigroup Proposes $7.3B Debt Buyback

Law360, New York (January 21, 2010, 4:55 PM EST) -- As part of an effort to cut down on liabilities and manage its capital structure, Citigroup Inc. announced Thursday an offer to buy back about $7.32 billion in outstanding debt securities nearing their maturity date.

The financial services giant asserted that it intended to use excess cash to retire the “generally older vintage debt,” and that the buyback was expected to have no impact on the company’s structural liquidity.

The offer encompasses certain notes due in 2010 and 2011, including about $3.25 billion in U.S. dollar...
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