Citi Closes $72 Million Principal-Protected Note Offering

• Citi closes $72 million, 3.5-year principal-protected Carbon Removal-Linked Note to support Applied Carbon's Texas biochar project.
• Investors forgo traditional coupon payments, directing an upfront amount to project financing; payments are linked to carbon credit issuance and delivery.
• Microsoft signed a 2022 offtake agreement for a portion of the project's carbon credits, providing long-term demand support.

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