NEW YORK (Reuters) - Citigroup Inc is planning to sell roughly $15 billion of common shares to help repay funds borrowed under the Troubled Asset Relief Program, people briefed on the matter said on Thursday.
The bank received $45 billion of TARP money last year under two different rescues. In a third rescue this year, it agreed to convert $25 billion of TARP preferred shares into common stock, giving the U.S. government a roughly 34 percent stake in the company. The other $20 billion of securities were converted into trust preferred, a hybrid of debt and equity.
CITIGROUP (C.NY)would be selling common stock to help repay that $20 billion, people said.
(Reporting by Dan Wilchins and Paritosh Bansal, editing by Gerald E. McCormick)
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