Citigroup plans autocallable equity-linked securities on U.S. Steel

By Marisa Wong

Madison, Wis., Dec. 19 - Citigroup Inc. plans to price autocallable equity-linked securities due Jan. 6, 2015 linked to the common stock of United States Steel Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will carry a coupon of at least 3.65% per quarter, with the exact interest rate to be set at pricing. Interest will be payable quarterly.

The notes will be automatically redeemed at par of $10 plus interest if U.S. Steel shares close at or above the initial share price on March 27, June 27, 2014 or Sept. 29, 2014.

If the notes are not called and the final share price is at least 75% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be a number of U.S. Steel shares equal to $10 divided by the initial share price or, at the issuer's option, an equivalent amount in cash.

The notes (Cusip: 17321F375) are expected to price Dec. 27 and settle five business days later.

Citigroup Global Markets Inc. is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.