Key Developments For Citigroup Inc.
Citigroup Inc. (C.N) (New York Stock Exchange)
Citigroup Inc. Provides $15 Million In Financing To Renovate Bedford Stuyvesant's Restoration Plaza
Citigroup Inc. announced that it is providing $15 million in financing for the renovation of Bedford Stuyvesant Restoration Corporation's Restoration Plaza. The financing will consist of an $11.4 million short term bridge loan and a $4 million New Markets Tax Credit Investment. Citi also announced it has donated an additional $200,000 to the Centers for Financial Empowerment in partnership with the Bedford Stuyvesant Restoration Corporation (BSRC).
Citigroup Inc. Sells Barneys New York's Secured Term Loan To Yucaipa-Reuters
Reuters reported that Ron Burkle and his investment arm, Yucaipa, have purchased a large amount of Barneys New York's debt. Citigroup Inc. sold a big part of Barneys New York's secured term loan to Burkle at about 60 cents on the dollar. Yucaipa also bought a big part of Barneys' subordinated debt.
Fitch Ratings Upgrades Individual Rating for Citigroup Inc. from "E" to "D/E"-Reuters
Reuters reported that Fitch Ratings has upgraded the individual rating for Citigroup Inc. to "D/E" from "E" and placed this rating on positive watch. Fitch Rating also confirmed long-term Issuer Default Rating (IDR) on level "A+" and short-term IDR on "F1".
Citigroup Inc. To Sell Bellsystem Stake To Bain For $1 Billion-Reuters
Reuters reported that Citigroup Inc. has agreed to sell its stake in Japanese telemarketer Bellsystem24 to U.S. private equity firm Bain Capital for JPY93.5 billion ($1 billion). Bain has been widely expected to buy Bellsystem24 after securing exclusive negotiation rights earlier this month. Citigroup said in an e-mailed statement that it had agreed to sell its 93.5% stake in Bellsystem24 for JPY93.5 billion in cash in a tender offer to be launched by a firm owned by funds advised by Bain Capital. The tender offer will likely start on or before November 20 and be completed on December 30, Citigroup said.
Bain In $1.1 Billion Deal For Citigroup Inc.'s Bellsystem-Reuters
Reuters reported that U.S. private equity firm Bain Capital is finalizing a roughly JPY100 billion ($1.1 billion) deal to buy Japanese telemarketer Bellsystem24 from Citigroup Inc.
