Citibank 2014 Annual Report Download - page 242

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21. PREFERRED STOCK
The following table summarizes the Company’s preferred stock outstanding at December 31, 2014 and December 31, 2013:
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,
2014
December 31,
2013
Series AA (1) January 25, 2008 February 15, 2018 8.125% $ 25 3,870,330 $ 97 $ 97
Series E (2) April 28, 2008 April 30, 2018 8.400% 1,000 121,254 121 121
Series A (3) October 29, 2012 January 30, 2023 5.950% 1,000 1,500,000 1,500 1,500
Series B (4) December 13, 2012 February 15, 2023 5.900% 1,000 750,000 750 750
Series C (5) March 26, 2013 April 22, 2018 5.800% 25 23,000,000 575 575
Series D (6) April 30, 2013 May 15, 2023 5.350% 1,000 1,250,000 1,250 1,250
Series J (7) September 19, 2013 September 30, 2023 7.125% 25 38,000,000 950 950
Series K (8) October 31, 2013 November 15, 2023 6.875% 25 59,800,000 1,495 1,495
Series L (9) February 12, 2014 February 12, 2019 6.875% 25 19,200,000 480 —
Series M (10) April 30, 2014 May 15, 2024 6.300% 1,000 1,750,000 1,750 —
Series N (11) October 29, 2014 November 15, 2019 5.800% 1,000 1,500,000 1,500 —
$10,468 $ 6,738
(1) 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.
(2) 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.
(3) 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.
(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 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.
(5) 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.
(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 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.
(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 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.
(8) 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.
(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 February 12, May 12, August 12
and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors.
(10) Issued as depository 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, 2024, 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.
(11) Issued as depository 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, but excluding, November 15, 2019, and 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.
During 2014, Citi distributed approximately $511 million in dividends
on its outstanding preferred stock. Based on its preferred stock outstanding
as of December 31, 2014, Citi estimates it will distribute preferred dividends
of approximately $656 million during 2015, in each case assuming such
dividends are approved by the Citi Board of Directors.