Citigroup, Inc (NYSE: C) said in a filing with the SEC that it plans to issue $3 billion to $6 billion in additional long-term debt than it had previously estimated this year.
The firm said in a regulatory filing that it now expects to sell between $18 billion and $21 billion in long-term debt for the year of 2010 in order to maintain and “solidify its structural liquidity” and to extend the amount of time it has to pay down debt supporting its various businesses.
“Citi continues to review its funding and liquidity needs and may adjust its expected issuances for the remainder of 2010 due to market conditions or regulatory requirements, among other factors,” the New York-based bank said in its quarterly report filed with the Securities and Exchange Commission.
Separately, the bank filed notice that it expects to close out two debt offerings on Monday, the first for the sale of $2.25 billion in new debt and the second for $750 million in new debt. The $2.25 billion issuance was for 5.375% percent senior notes due in 2020. The $750 million issuance was for 4.75 percent notes due 2015.
Citigroup Global Markets Inc. served as the sole book manager. Deutsche Bank Securities Inc., Goldman, Sachs & Co., RBS Securities Inc. and UBS Securities LLC were senior co-managers.
