UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. _______)*
Valor Communications Group, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
9020255106
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(CUSIP Number)
February 14, 2005
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/ / Rule 13d-l(b)
/x/ Rule 13d-l(c)
/ / Rule 13d-l(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
Page 1
of 11 Pages
SCHEDULE 13G
CUSIP NO. 9020255106 Page 2 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citicorp Venture Capital Ltd.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / X /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION New York
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NUMBER OF (5) SOLE VOTING POWER 0
SHARES
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BENEFICIALLY (6) SHARED VOTING POWER 5,278,822*
OWNED BY
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EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
--------------------------------------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 5,278,822*
WITH:
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,278,822*
--------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES SEE
INSTRUCTIONS) / /
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.5%*
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO
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* Includes (i) 4,486,999 shares of common stock directly beneficially
owned by Citicorp Venture Capital Ltd. ("CVC") and (ii) 791,823 shares of
common stock directly beneficially owned by an affiliate of CVC for which CVC
disclaims beneficial ownership.
SCHEDULE 13G
CUSIP NO. 9020255106 Page 3 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citibank, N.A.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / X /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES
--------------------------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 5,278,822*
OWNED BY
--------------------------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
--------------------------------------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 5,278,822*
WITH:
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,278,822*
--------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES SEE
INSTRUCTIONS) / X /
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5% *
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) BK
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* Includes (i) 4,486,999 shares of common stock directly beneficially owned
by CVC and (ii) 791,823 shares of common stock directly beneficially owned by
an affiliate of CVC for which Citibank, N.A. disclaims beneficial ownership.
SCHEDULE 13G
CUSIP NO. 9020255106 Page 4 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citicorp
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / X /
--------------------------------------------------------------------------------
(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES
--------------------------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 5,625,011*
OWNED BY
--------------------------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
--------------------------------------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 5,625,011*
WITH:
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,625,011*
--------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES SEE
INSTRUCTIONS) / X /
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.9% *
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC
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* Includes (i) 4,486,999 shares of common stock directly beneficially
owned by CVC, (ii) 791,823 shares of common stock directly beneficially owned
by an affiliate of CVC for which Citicorp disclaims beneficial ownership and
(iii) 346,189 shares of common stock directly beneficially owned by an
affiliate of Citicorp for which Citicorp disclaims beneficial ownership.
SCHEDULE 13G
CUSIP NO. 9020255106 Page 5 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citigroup Holdings Company
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / X /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES
--------------------------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 5,625,011*
OWNED BY
--------------------------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
--------------------------------------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 5,625,011*
WITH:
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,625,011*
--------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES SEE
INSTRUCTIONS) / X /
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.9%*
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC
--------------------------------------------------------------------------------
* Includes (i) 4,486,999 shares of common stock directly beneficially
owned by CVC, (ii) 791,823 shares of common stock directly beneficially owned
by an affiliate of CVC for which Citigroup Holdings Company ("Citigroup
Holdings") disclaims beneficial ownership and (iii) 346,189 shares of common
stock directly beneficially owned by an affiliate of Citicorp for which
Citigroup Holdings disclaims beneficial ownership.
SCHEDULE 13G
CUSIP NO. 9020255106 Page 6 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citigroup Inc.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / X /
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES
--------------------------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 5,625,011*
OWNED BY
--------------------------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
--------------------------------------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 5,625,011*
WITH:
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,625,011*
--------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES SEE
INSTRUCTIONS) / X /
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.9% *
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC
--------------------------------------------------------------------------------
* Includes (i) 4,486,999 shares of common stock directly beneficially
owned by CVC, (ii) 791,823 shares of common stock directly beneficially owned
by an affiliate of CVC for which Citigroup disclaims beneficial ownership and
(iii) 346,189 shares of common stock directly beneficially owned by an
affiliate of Citicorp for which Citigroup Inc. disclaims beneficial ownership.
Item 1(a). Name of Issuer:
Valor Communications Group, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
201 E. John Carpenter Freeway, Suite 200
Irving, Texas 75062
Item 2(a). Name of Person Filing:
Citicorp Venture Capital Ltd. ("CVC"), Citibank, N.A.
("Citibank"), Citicorp, Citigroup Holdings Company
("Citigroup Holdings") and Citigroup Inc. ("Citigroup")
Item 2(b). Address of Principal Office or, if none, Residence:
The address of the principal office of Citigroup Holdings is:
One Rodney Square
Wilmington, DE 19801
The address of the principal office of CVC, Citibank,
Citicorp and Citigroup is:
399 Park Avenue
New York, NY 10043
Item 2(c). Citizenship or Place of Organization:
CVC is a New York Corporation.
Citibank is a National Banking Association
Citicorp, Citigroup Holdings and Citigroup are
Delaware corporations.
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
9020255106
Page 7
of 11 Pages
Item 3. If This Statement Is Filed Pursuant to Sections 240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing Is a(n):
(a) [ ] Broker or dealer registered under Section 15 of the
Act (15 U.S.C. 780);
(b) [ ] Bank as defined in Section 3(a)(6) of the Act 15
U.S.C.78c);
(c) [ ] Insurance company as defined in Section 3(a)(19) of
the Act (15 U.S.C. 78c);
(d) [ ] Investment company registered under Section 8 of
the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e) [ ] Investment adviser in accordance with Section
240.13d-1(b)(1)(ii)(E);
(f) [ ] Employee benefit plan or endowment fund in
accordance with Section 240.13d-1(b)(1)(ii)(F);
(g) [ ] Parent holding company or control person in
accordance with Section 240.13d-1(b)(1)(ii)(G);
(h) [ ] Savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] Church plan that is excluded from the definition of
an investment company under Section 3(c)(14) of
the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Section
240.13d-1(b)(1)(ii)(J).
Page 8
of 11 Pages
Item 4. Ownership. (as of February 14, 2005)
(a) Amount beneficially owned: See item 9 of cover pages.
(b) Percent of class: See item 11 of cover pages
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(ii) Shared power to vote or to direct the vote:
(iii) Sole power to dispose or to direct the disposition
of:
(iv) Shared power to dispose or to direct the disposition
of:
See Items 5-8 of cover pages
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [ ].
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not applicable.
Page 9
of 11 Pages
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company.
Citibank is the sole stockholder of CVC.
Citicorp is the sole stockholder of Citibank.
Citigroup Holdings is the sole stockholder of Citicorp.
Citigroup is the sole stockholder of Citigroup Holdings.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
By signing below, I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and are not held
for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not
held in connection with or as a participant in any transaction having that
purpose or effect.
Page 10
of 11 Pages
SIGNATURE.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: February 24, 2005
CITICORP VENTURE CAPITAL LTD.
By: /s/ Anthony P. Mirra
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Name: Anthony P. Mirra
Title: Vice President and Assistant
Secretary
CITIBANK, N.A.
By: /s/ Serena D. Moe
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Name: Serena D. Moe
Title: Assistant Secretary
CITICORP
By: /s/ Serena D. Moe
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Name: Serena D. Moe
Title: Assistant Secretary
CITIGROUP HOLDINGS COMPANY
By: /s/ Serena D. Moe
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Name: Serena D. Moe
Title: Assistant Secretary
CITIGROUP INC.
By: /s/ Serena D. Moe
------------------------------------
Name: Serena D. Moe
Title: Assistant Secretary
Page 11
of 11 Pages
EXHIBIT INDEX TO SCHEDULE 13G
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EXHIBIT 1
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Agreement among CVC, Citibank, Citicorp, Citigroup
Holdings and Citigroup as to joint filing of Schedule 13G