Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, January 25, 2011

Treasury Announces Auction for Warrants of Citigroup Stock

The U.S. Department of the Treasury announced yesterday that it commenced a secondary public offering of 255,033,142 warrants to purchase the common stock of Citigroup Inc. (the “Company”) (the “A Warrants”) and a secondary public offering of 210,084,034 warrants to purchase the common stock of the Company (the “B Warrants”). The offerings are expected to price through a modified Dutch auction. Deutsche Bank Securities Inc. is the sole book-running manager and Cabrera Capital Markets, LLC and Loop Capital Markets LLC are the co-managers for the offerings.
 
Deutsche Bank Securities Inc., in its capacity as auction agent, has specified that the auctions will commence at 8:00 a.m., Eastern Time, on January 25, 2011, and will close at 6:30 p.m., Eastern Time, on that same day (the “submission deadline”). During the auction period, potential bidders for the A Warrants will be able to place bids at any price (in increments of $0.01) at or above the minimum bid price of $0.60 per warrant, and potential bidders for the B Warrants will be able to place bids at any price (in increments of $0.01) at or above the minimum bid price of $0.15 per warrant.

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