Citigroup Exchange Offer Update (Bloomberg)

Citigroup Inc. Announces Public Share Exchange Launch, Finalizes Definitive Agreement With U.S. Government
8:00am EDT
Citigroup Inc. announced that it has finalized a definitive agreement with the U.S. Government and will now launch its exchange offers for publicly held convertible and non convertible preferred and trust preferred securities. Under the agreement, the Government will exchange a portion of its preferred securities with an aggregate liquidation value of up to $25 billion for interim securities and warrants and its remaining preferred securities for trust preferred securities. The public exchange offers are currently scheduled to expire on July 24, 2009, subject to extension by Citi. Assuming full participation of holders of convertible and non convertible public preferred and trust preferred securities in the exchange offers, Citi will convert into common shares approximately $58 billion in aggregate liquidation value of preferred stock and trust preferred securities.

Citi Press Release http://www.citigroup.com/citi/press/2009/090610a.htm