Citigroup has offered to buy the Dryden VI-Leveraged Loan CDO 2004.

In an announcement, the bank said it is commencing separate cash tender offers to purchase the synthetic CLO’s liabilities, including the remainder of $41 million of equity (income notes due 2016). Citi currently holds $23.5 million of the equity in Dryden VI, which is equivalent to 57.3% of the total equity in the deal.

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