Citicorp said it was sticking with the original terms of its offer to exchange common stock for two outstanding issues of preferred stock.

Under the offer, which expires Tuesday at midnight, Citicorp would exchange 3.72 shares of common stock for each share of Citicorp's second series preferred stock and 4.4 common shares for each share of the company's third series of preferred stock.

Neither offer is conditioned on a minimum number of shares being tendered.

Citicorp's common stock price has been on the rise, with the shares trading near their 52week high. But Citicorp does not pay dividends on its common.

The preferred issues pay annual dividends of about $6 a share, and the offer could trim as much as $33 million from Citicorp's annual dividend costs.

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