Dec 14 (Reuters) - Citigroup Inc:
* U.S. government and regulators agree to TARP repayment
* Says to issue $17 billion of common stock and $3.5 billion of tangible equity
units
* Says to repay $20 billion of tarp trust preferred securities
* Agreement with the U.S. government and regulators to terminate loss-sharing
agreement
* Citi to substitute substantial common stock for cash compensation
* Says decided to issue in January 2010 $1.7 billion of common stock
equivalents to employees in lieu of cash
* Citi says will cease to be a beneficiary of TARP 'exceptional financial
assistance' beginning in 2010
* U.S. Treasury to sell up to $5 billion of its common shares via concurrent
secondary offering; plans orderly exit
* Repayment will result in an approximate $8 billion pre-tax loss
* Will immediately issue $20.5 billion of capital and debt
* Will also terminate the loss-sharing agreement with the government
* To cancel $1.8 billion of the $7.1 billion in trust preferred securities it
originally issued to the government
* Says to issue $3.5 billion of tangible equity units and approximately $0.7
billion of subordinated notes
* Says it may issue up to $3 billion of trust preferred securities in the first
quarter of 2010
* Says after giving effect to today's transactins, would have had about $117.4
billion tce at the end of Q3 2009
* Citigroup says may issue up to $3 billion of trust preferred securities
in the first quarter of 2010
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* U.S. government and regulators agree to TARP repayment
* Says to issue $17 billion of common stock and $3.5 billion of tangible equity
units
* Says to repay $20 billion of tarp trust preferred securities
* Agreement with the U.S. government and regulators to terminate loss-sharing
agreement
* Citi to substitute substantial common stock for cash compensation
* Says decided to issue in January 2010 $1.7 billion of common stock
equivalents to employees in lieu of cash
* Citi says will cease to be a beneficiary of TARP 'exceptional financial
assistance' beginning in 2010
* U.S. Treasury to sell up to $5 billion of its common shares via concurrent
secondary offering; plans orderly exit
* Repayment will result in an approximate $8 billion pre-tax loss
* Will immediately issue $20.5 billion of capital and debt
* Will also terminate the loss-sharing agreement with the government
* To cancel $1.8 billion of the $7.1 billion in trust preferred securities it
originally issued to the government
* Says to issue $3.5 billion of tangible equity units and approximately $0.7
billion of subordinated notes
* Says it may issue up to $3 billion of trust preferred securities in the first
quarter of 2010
* Says after giving effect to today's transactins, would have had about $117.4
billion tce at the end of Q3 2009
* Citigroup says may issue up to $3 billion of trust preferred securities
in the first quarter of 2010
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
