Citibank 2013 Annual Report Download - page 257

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21. PREFERRED STOCK
The following table summarizes the Company’s preferred stock outstanding at December 31, 2013 and December 31, 2012:
Carrying value
in millions of dollars
Issuance date
Redeemable by
issuer beginning
Dividend
rate
Redemption
price per
depositary
share/preference
share
Number
of depositary
shares
December 31,
2013
December 31,
2012
Series F (1) May 13, 2008 June 15, 2013 8.500% $ 25 2,863,369 $ — $ 71
Series T (2) January 23, 2008 June 17, 2013 6.500% 50 453,981 —23
Series AA (3) January 25, 2008 February 15, 2018 8.125% 25 3,870,330 97 97
Series E (4) April 28, 2008 April 30, 2018 8.400% 1,000 121,254 121 121
Series A (5) October 29, 2012 January 30, 2023 5.950% 1,000 1,500,000 1,500 1,500
Series B (6) December 13, 2012 February 15, 2023 5.900% 1,000 750,000 750 750
Series C (7) March 26, 2013 April 22, 2018 5.800% 25 23,000,000 575 —
Series D (8) April 30, 2013 May 15, 2023 5.350% 1,000 1,250,000 1,250 —
Series J (9) September 19, 2013 September 30, 2023 7.125% 25 38,000,000 950 —
Series K (10) October 31, 2013 November 15, 2023 6.875% 25 59,800,000 1,495 —
$6,738 $ 2,562
(1) The Series F preferred stock was redeemed in full on June 15, 2013.
(2) The Series T preferred stock was redeemed in full on June 17, 2013.
(3) Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15
and November 15 when, as and if declared by the Citi Board of Directors.
(4) Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on April 30 and October 30 at a
fixed rate until April 30, 2018, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(5) Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on January 30 and July 30 at a
fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(6) Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on February 15 and August 15 at a
fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(7) Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on January 22, April 22, July 22 and
October 22 when, as and if declared by the Citi Board of Directors.
(8) Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a
fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(9) Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on March 30, June 30,
September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(10) Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15
and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
On February 12, 2014, Citi issued $480 million of Series L Preferred Stock
as depository shares, each representing a 1/1,000th interest in a share of
the corresponding series of non-cumulative perpetual preferred stock. The
dividend rate is 6.875%, payable quarterly on February 12, May 12, August 12
and November 12, commencing May 12, 2014, in each case when, as and if
declared by Citigroup’s Board of Directors.
During 2013, Citi distributed approximately $194 million in dividends
on its outstanding preferred stock. Based on its preferred stock outstanding
as of December 31, 2013, Citi estimates it will distribute preferred dividends
of approximately $427 million during 2014, in each case assuming such
dividends are approved by Citigroup’s Board of Directors.