Citibank 2012 Annual Report Download - page 240

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Aggregate annual maturities of long-term debt obligations (based on final maturity dates) including trust preferred securities are as follows:
In millions of dollars 2013 2014 2015 2016 2017 Thereafter Total
Bank $16,601 $ 9,862 $ 8,588 $ 6,320 $ 2,943 $ 6,920 $ 51,234
Non-bank 1,586 2,921 781 800 52 5,536 11,676
Parent company 24,464 24,243 19,677 12,737 21,156 74,276 176,553
Total $42,651 $37,026 $29,046 $19,857 $24,151 $86,732 $239,463
Long-term debt outstanding includes trust preferred securities with a
balance sheet carrying value of $10,110 million and $16,057 million at
December 31, 2012 and December 31, 2011, respectively. In issuing these
trust preferred securities, Citi formed statutory business trusts under the
laws of the State of Delaware. The trusts exist for the exclusive purposes
of (i) issuing trust preferred securities representing undivided beneficial
interests in the assets of the trust; (ii) investing the gross proceeds of the trust
preferred securities in junior subordinated deferrable interest debentures
(subordinated debentures) of its parent; and (iii) engaging in only those
activities necessary or incidental thereto. Generally, upon receipt of certain
regulatory approvals, Citigroup has the right to redeem these securities.
As previously disclosed, during the third quarter of 2012, Citi redeemed
three series of its trust preferred securities resulting in a pretax gain of
$198 million. The redemptions under Citigroup Capital XII and XXI closed
on July 18, 2012, while Citigroup Capital XIX closed on August 15, 2012.
During the fourth quarter of 2012, Citigroup completed the early redemption
of Citigroup Capital XX in the amount of $0.4 billion. The gain recorded
upon the redemption was $7 million. The redemption under Citigroup
Capital XX closed on December 17, 2012.
The following table summarizes the financial structure of each of the Company’s subsidiary trusts at December 31, 2012:
Junior subordinated debentures owned by trust
Trust securities
with distributions
guaranteed by
Citigroup
Issuance
date
Securities
issued
Liquidation
value (1)
Coupon
rate
Common
shares
issued
to parent Amount Maturity
Redeemable
by issuer
beginning
In millions of dollars, except share amounts
Citigroup Capital III Dec. 1996 194,053 $ 194 7.625% 6,003 $ 200 Dec. 1, 2036 Not redeemable
Citigroup Capital VII July 2001 35,885,898 897 7.125% 1,109,874 925 July 31, 2031 July 31, 2006
Citigroup Capital VIII Sept. 2001 43,651,597 1,091 6.950% 1,350,050 1,125 Sept. 15, 2031 Sept. 17, 2006
Citigroup Capital IX Feb. 2003 33,874,813 847 6.000% 1,047,675 873 Feb. 14, 2033 Feb. 13, 2008
Citigroup Capital X Sept. 2003 14,757,823 369 6.100% 456,428 380 Sept. 30, 2033 Sept. 30, 2008
Citigroup Capital XI Sept. 2004 18,387,128 460 6.000% 568,675 474 Sept. 27, 2034 Sept. 27, 2009
Citigroup Capital XIII Sept. 2010 89,840,000 2,246 7.875% 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015
Citigroup Capital XIV June 2006 12,227,281 306 6.875% 40,000 307 June 30, 2066 June 30, 2011
Citigroup Capital XV Sept. 2006 25,210,733 630 6.500% 40,000 631 Sept. 15, 2066 Sept. 15, 2011
Citigroup Capital XVI Nov. 2006 38,148,947 954 6.450% 20,000 954 Dec. 31, 2066 Dec. 31, 2011
Citigroup Capital XVII Mar. 2007 28,047,927 701 6.350% 20,000 702 Mar. 15, 2067 Mar. 15, 2012
Citigroup Capital XVIII June 2007 99,901 162 6.829% 50 162 June 28, 2067 June 28, 2017
Citigroup Capital XXXIII (2) July 2009 3,025,000 3,025 8.000% 100 3,025 July 30, 2039 July 30, 2014
Adam Capital Trust III Dec. 2002 17,500 18
3 mo. LIB
+335 bp. 542 18 Jan. 7, 2033 Jan. 7, 2008
Adam Statutory Trust III Dec. 2002 25,000 25
3 mo. LIB
+325 bp. 774 26 Dec. 26, 2032 Dec. 26, 2007
Adam Statutory Trust IV Sept. 2003 40,000 40
3 mo. LIB
+295 bp. 1,238 41 Sept. 17, 2033 Sept. 17, 2008
Adam Statutory Trust V Mar. 2004 35,000 35
3 mo. LIB
+279 bp. 1,083 36 Mar. 17, 2034 Mar. 17, 2009
Total obligated $12,000 $12,125
(1) Represents the notional value received by investors from the trusts at the time of issuance.
(2) On February 4, 2013, approximately $800 million of the $3,025 million issued under Citigroup Capital XXXIII was exchanged into subordinated debt, leaving approximately $2,225 million of trust preferred securities
outstanding as of such date.
In each case, the coupon rate on the debentures is the same as that
on the trust securities. Distributions on the trust securities and interest on
the debentures are payable quarterly, except for Citigroup Capital III and
Citigroup Capital XVIII on which distributions are payable semiannually.