Citibank 2008 Annual Report Download - page 178

21. PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
The following table summarizes the Company’s Preferred stock outstanding at December 31, 2008 and December 31, 2007:
Carrying value
(in millions of dollars)
Dividend
rate
Redemption
price per
depositary
share /
preference
share
Number
of
depositary
shares
Convertible
to
approximate
number of
Citigroup
common
shares
December 31,
2008
December 31,
2007
Series A (1) 7.000% $50137,600,000 261,083,726 $ 6,880 $—
Series B (1) 7.000% 50 60,000,000 113,844,648 3,000 —
Series C (1) 7.000% 50 20,000,000 37,948,216 1,000 —
Series D (1) 7.000% 50 15,000,000 28,461,162 750 —
Series E (2) 8.400% 1,000 6,000,000 — 6,000 —
Series F (3) 8.500% 25 81,600,000 — 2,040 —
Series H (4) 5.000% 1,000,000 25,000 — 23,709 —
Series I (5) 8.000% 1,000,000 20,000 — 19,531 —
Series J (1) 7.000% 50 9,000,000 17,076,697 450 —
Series K (1) 7.000% 50 8,000,000 15,179,286 400 —
Series L1 (1) 7.000% 50 100,000 189,741 5 —
Series N (1) 7.000% 50 300,000 569,223 15 —
Series T (6) 6.500% 50 63,373,000 93,940,986 3,169 —
Series AA (7) 8.125% 25 148,600,000 — 3,715 —
568,293,685 $70,664 $—
(1) Issued on January 23, 2008 as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of Non-Cumulative Convertible Preferred Stock. Redeemable in whole or in part on or
after February 15, 2015. Under the terms of pre-existing conversion price reset agreements with holders of Series A, B, C, D, J, K, L1 and N (the “Old Preferred Stock”), on February 17, 2009, Citigroup exchanged
shares of new preferred stock (the “New Preferred Stock”) for an equal number of shares of Old Preferred Stock. The terms and conditions of the New Preferred Stock are identical in all material respects to the terms
and conditions of the Old Preferred Stock, except that the Conversion Price and Conversion Rate of the New Preferred Stock have been reset to $26.3517 and 1,897.4108, respectively. All shares of the Old Preferred
Stock were canceled. The dividend of $0.88 per depositary share is payable quarterly when, as and if declared by the Company’s Board of Directors. Redemption is subject to a capital replacement covenant.
(2) Issued on April 28, 2008 as depositary shares, each representing a 1/25th interest in a share of the corresponding series of Fixed Rate/Floating Rate Non-Cumulative Preferred Stock. Redeemable in whole or in part on
or after April 30, 2018. Dividends are payable semi-annually for the first 10 years until April 30, 2018 at $42.70 per depositary share and thereafter quarterly at a floating rate when, as and if declared by the
Company’s Board of Directors.
(3) Issued on May 13, 2008 and May 28, 2008 as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of Non-Cumulative Preferred Stock. Redeemable in whole or in part on or
after June 15, 2013. The dividend of $0.53 per depositary share is payable quarterly when, as and if declared by the Company’s Board of Directors.
(4) Issued on October 28, 2008 as Cumulative Preferred Stock to the United States Treasury under the Troubled Asset Relief Program. Redeemable in whole or in part subject to approval of the investor and compliance
with certain conditions. Dividends are payable quarterly for the first five years until February 15, 2013 at $12,500 per preferred share and thereafter at $22,500 per preferred share when, as and if declared by the
Company’s Board of Directors.
(5) Issued on December 31, 2008 as Cumulative Preferred Stock to the United States Treasury under the Troubled Asset Relief Program. Redeemable in whole or in part subject to approval of the investor and compliance
with certain conditions. The dividend of $20,000 per preferred share is payable quarterly when, as and if declared by the Company’s Board of Directors.
(6) Issued on January 23, 2008 and January 29, 2008 as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of Non-Cumulative Convertible Preferred Stock. Redeemable in
whole or in part on or after February 15, 2015. Convertible into Citigroup common stock at a conversion rate of approximately 1,482.3503 per share, which is subject to adjustment under certain conditions. The
dividend or in $0.81 per depositary share is payable quarterly when, as and if declared by the Company’s Board of Directors. Redemption is subject to a capital replacement covenant.
(7) Issued on January 25, 2008 as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of Non-Cumulative Preferred Stock. Redeemable in whole or in part on or after
February 15, 2018. The dividend of $0.51 per depositary share is payable quarterly when, as and if declared by the Company’s Board of Directors. Redemption is subject to a capital replacement covenant.
If dividends are declared on Series E as scheduled, the impact from
preferred dividends on earnings per share in the first and third quarters will
be lower than the impact in the second and fourth quarters. All other series
currently have a quarterly dividend declaration schedule.
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