By Wendy Van Sickle
Columbus, Ohio, July 8 – Citigroup Global Markets Holdings Inc. priced $500,000 autocallable contingent coupon equity-linked securities due June 30, 2022 tied to PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a quarterly contingent coupon at an annualized rate of 10.05% if the stock closes above 65% of its initial level on a relevant valuation date.
The notes will automatically be called at par plus the coupon if the stock finishes above its initial value on any quarterly valuation date other than the final one.
If the notes are not called, the payout at maturity will be par plus the coupon if the stock finishes above its 65% final barrier value.
Otherwise, investors will receive 5.8524 shares of PayPal stock, or the cash value of those shares, should the issuer prefer.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying stock: | PayPal Holdings, Inc.
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| Amount: | $500,000
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| Maturity: | June 30, 2022
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| Coupon: | 10.05% annual rate, payable quarterly if stock finishes above 65% coupon barrier on relevant valuation date
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| Price: | Par
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| Payout at maturity: | Par plus coupon if stock finishes above 65% final barrier value, otherwise full exposure to losses of stock, payable either in 5.8524 shares of stock or cash value of those shares at issuer’s option
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| Call: | Automatically at par plus coupon if stock closes above initial level on any quarterly valuation date other than final one
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| Initial level: | $170.87
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| Coupon barrier: | $111.066, 65% of initial level
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| Final barrier: | $111.066, 65% of initial level
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| Pricing date: | June 26
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| Settlement date: | July 1
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17324XL99
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