DULUTH, Ga. (AP) – Citigroup has begun selling off its remaining stake in Primerica through a public offering, the provider of life insurance and other financial products said.
The approximately 8 million shares of Primerica stock to be sold represent all of the remaining shares owned by Citigroup following Primerica’s initial public offering last year. On Tuesday afternoon, Primerica said the offering priced at $22.29 per share.
Primerica shares fell 93 cents, or 4 percent, to close at $22.29. They rose 29 cents to $22.58 in aftermarket trading.
A subsidiary of Citigroup Inc. will receive all of the net proceeds from the offering and Citigroup Global Markets will act as sole underwriter, Primerica said. Citigroup plans to use proceeds for general corporate purposes and hedging.
Primerica Inc., based in Duluth, Ga., sells products through a network of about 100,000 agents.