By Kiku Steinfeld
Chicago, Sept. 26 – Citigroup Global Markets Holdings Inc. priced $8.67 million of memory coupon barrier step-down autocall securities due Jan. 25, 2024 tied to the stocks of General Motors Co., Microsoft Corp. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The notes will pay a quarterly contingent coupon at an annualized rate of 13.5% if each stock closes at or above its coupon barrier, 60% of its initial level, on the related observation date, plus any previously unpaid coupon.
The notes will be called at par if each stock closes at or above its autocall level on any quarterly observation date. The autocall level starts at 100% of the initial level and steps down to 90% after one year.
If the notes are not called and each stock finishes at or above its barrier level, 60% of the initial level, the payout will be par.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Memory coupon barrier step-down autocall securities
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| Underlying stocks: | General Motors Co., Microsoft Corp., Nvidia Corp.
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| Amount: | $8,671,000
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| Maturity: | Jan. 25, 2024
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| Coupon: | 13.5% annualized, payable quarterly if each stock closes above barrier level on observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier level, par; otherwise, investors will receive shares of the worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | At par if each stock closes at or above autocall level on any quarterly observation date; autocall level starts at 100% of initial level and steps down to 90% after one year
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| Initial levels: | $54.65 for GM, $301.60 for Microsoft, $241.50 for Nvidia
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| Barriers: | $32.79 for GM, $180.96 for Microsoft, $144.90 for Nvidia; 60% of initial levels
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| Equity ratios: | 18.29826 for GM, 3.31565 for Microsoft, 4.14079 for Nvidia; shares delivered per security
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| Pricing date: | Jan. 20
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| Settlement date: | Jan. 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328N4X3
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