Citigroup Inc. filed a Certificate of Designations for its new 6.500% Fixed Rate Reset Noncumulative Preferred Stock, Series JJ, and entered into an Underwriting Agreement for the sale of 1,000,000 Depositary Shares representing a 1/25th interest in the preferred stock. The offering raised approximately $985 million in gross proceeds.
Key takeaways
Citigroup filed a Certificate of Designations on February 11, 2026, establishing the 6.500% Fixed Rate Reset Noncumulative Preferred Stock, Series JJ.
The company agreed to sell 1,000,000 Depositary Shares at a purchase price of $985 per share, representing an aggregate liquidation preference of $1 billion.
The preferred stock has a liquidation preference of $25,000 per share and pays noncumulative dividends at a fixed rate of 6.500% until May 15, 2031.
The offering is expected to close on February 12, 2026, with Citigroup Global Markets Inc. acting as the representative for the underwriters.
The preferred stock ranks junior to the company's depositors and other creditors and is redeemable at the company's option beginning on the First Reset Date in 2031.