capital resources and liquidity capital resources overview capital is generally generated via earnings from operating businesses .this is augmented through issuance of common stock , convertible preferred stock , preferred stock , subordinated debt , and equity issued through awards under employee benefit plans .capital is used primarily to support assets in the company 2019s businesses and to absorb unexpected market , credit or operational losses .the company 2019s uses of capital , particularly to pay dividends and repurchase common stock , became severely restricted during the latter half of 2008 .see 201cthe company , 201d 201cmanagement 2019s discussion and analysis 2013 events in 2008 , 201d 201ctarp and other regulatory programs , 201d 201crisk factors 201d and 201ccommon equity 201d on pages 2 , 9 , 44 , 47 and 95 , respectively .citigroup 2019s capital management framework is designed to ensure that citigroup and its principal subsidiaries maintain sufficient capital consistent with the company 2019s risk profile , all applicable regulatory standards and guidelines , and external rating agency considerations .the capital management process is centrally overseen by senior management and is reviewed at the consolidated , legal entity , and country level .senior management oversees the capital management process of citigroup and its principal subsidiaries mainly through citigroup 2019s finance and asset and liability committee ( finalco ) .the committee is composed of the senior-most management of citigroup for the purpose of engaging management in decision-making and related discussions on capital and liquidity items .among other things , the committee 2019s responsibilities include : determining the financial structure of citigroup and its principal subsidiaries ; ensuring that citigroup and its regulated entities are adequately capitalized ; determining appropriate asset levels and return hurdles for citigroup and individual businesses ; reviewing the funding and capital markets plan for citigroup ; and monitoring interest-rate risk , corporate and bank liquidity , the impact of currency translation on non-u.s .earnings and capital .the finalco has established capital targets for citigroup and for significant subsidiaries .at december 31 , 2008 , these targets exceeded the regulatory standards .common and preferred stock issuances as discussed under 201cevents in 2008 201d on page 9 , during 2008 , the company issued $ 45 billion in preferred stock and warrants under tarp , $ 12.5 billion of convertible preferred stock in a private offering , $ 11.7 billion of non-convertible preferred stock in public offerings , $ 3.2 billion of convertible preferred stock in public offerings , and $ 4.9 billion of common stock in public offerings .on january 23 , 2009 , pursuant to our prior agreement with the purchasers of the $ 12.5 billion convertible preferred stock issued in the private offering , the conversion price was reset from $ 31.62 per share to $ 26.35 per share .the reset will result in citigroup 2019s issuing approximately 79 million additional common shares if converted .there will be no impact to net income , total stockholders 2019 equity or capital ratios due to the reset .however , the reset will result in a reclassification from retained earnings to additional paid-in capital of $ 1.2 billion to reflect the benefit of the reset to the preferred stockholders .capital ratios citigroup is subject to risk-based capital ratio guidelines issued by the federal reserve board ( frb ) .capital adequacy is measured via two risk- based ratios , tier 1 and total capital ( tier 1 + tier 2 capital ) .tier 1 capital is considered core capital while total capital also includes other items such as subordinated debt and loan loss reserves .both measures of capital are stated as a percentage of risk-weighted assets .risk-weighted assets are measured primarily on their perceived credit risk and include certain off-balance-sheet exposures , such as unfunded loan commitments and letters of credit , and the notional amounts of derivative and foreign- exchange contracts .citigroup is also subject to the leverage ratio requirement , a non-risk-based asset ratio , which is defined as tier 1 capital as a percentage of adjusted average assets .to be 201cwell capitalized 201d under federal bank regulatory agency definitions , a bank holding company must have a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ratio of at least 10% ( 10 % ) , and a leverage ratio of at least 3% ( 3 % ) , and not be subject to an frb directive to maintain higher capital levels .as noted in the following table , citigroup maintained a 201cwell capitalized 201d position during both 2008 and 2007 .citigroup regulatory capital ratios at year end 2008 2007 .
[['at year end', '2008', '2007'], ['tier 1 capital', '11.92% ( 11.92 % )', '7.12% ( 7.12 % )'], ['total capital ( tier 1 and tier 2 )', '15.70', '10.70'], ['leverage ( 1 )', '6.08', '4.03']]
leverage ( 1 ) 6.08 4.03 ( 1 ) tier 1 capital divided by adjusted average assets .events occurring during 2008 , including the transactions with the u.s .government , affected citigroup 2019s capital ratios , and any additional u.s .government financial involvement with the company could further impact the company 2019s capital ratios .in addition , future operations will affect capital levels , and changes that the fasb has proposed regarding off-balance-sheet assets , consolidation and sale treatment could also have an impact on capital ratios .see also note 23 to the consolidated financial statements on page 175 , including 201cfunding liquidity facilities and subordinate interests . 201d .

Question: what was the percentage discount given in the reset of convertible preferred stock issued in the private offering ?
Answer: 17%