Citi Announces $320.4 Million Initial Public
Offering of Primerica
Upsized Offering Establishes Primerica as New Public Company, Continues Citi’s Reduction of Non-Core
March 31, 2010 09:38 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Citi today announced the $320.4 million initial public offering of
Primerica, Inc. In the offering, approximately 21.4 million shares of Primerica common stock were sold at $15 per
share. The shares of common stock are expected to begin trading tomorrow, April 1, 2010 on the New York Stock
Exchange under the symbol “PRI.” Citi has granted an over-allotment option to the underwriters to purchase up to
an additional approximately 3.2 million shares of Primerica common stock. Primerica will not receive any proceeds
from the transaction.
Immediately following the public offering, and after giving effect to the February 8, 2010 agreement to sell shares of
Primerica common stock, plus warrants to purchase Primerica common stock, to private equity funds managed by
Warburg Pincus LLC, Citi will beneficially own approximately 43% of Primerica’s common stock. If the
underwriters exercise their full over-allotment option, Citi’s ownership of Primerica common stock will be
approximately 39%. Citi intends to divest its remaining interest in Primerica as soon as is practicable, subject to
market and other conditions.
It is expected that this public offering and private sale will reduce Citi’s GAAP assets by approximately $5 billion
during the second quarter of 2010. The Primerica public offering and private sale are in line with Citi’s strategy to
reduce non-core assets, tightly manage risks and optimize the value of assets in Citi Holdings, while working to
generate long-term profitability and growth from Citicorp, which comprises the company’s core businesses.
Citigroup Global Markets Inc. was sole bookrunner on the transaction.
A copy of the prospectus relating to the securities to be sold in the public offering may be obtained, when a