By Wendy Van Sickle
Columbus, Ohio, July 23 – Citigroup Global Markets Holdings Inc. priced $1.05 million of autocallable contingent coupon notes due July 22, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes will pay a contingent coupon at the rate of 7% per year if the shares close at or above the coupon barrier, 70% of the initial share price, on the observation date for that quarter.
The notes will be automatically called at par if the index closes at or above the initial level on any quarterly valuation date after one year.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, 70% of the initial share price, the payout at maturity will be par plus the coupon, including any previously unpaid contingent coupons. Otherwise, investors will receive a fixed number of shares equal to the equity ratio, or at Citigroup’s election, the cash value of those shares.
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 notes
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| Underlying index: | S&P 500 index
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| Amount: | $1.05 million
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| Maturity: | July 22, 2024
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| Contingent coupon: | 7%, payable quarterly if index closes at or above coupon barrier level on related quarterly valuation date
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| Price: | Par
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| Payout at maturity: | Par unless index finishes below downside threshold level, in which case full exposure to loss
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| Call: | Automatically at par plus the coupon if index closes above initial level on any quarterly valuation date after one year
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| Initial price: | 3,224.73
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| Coupon barrier: | 2,257.311, 70% of initial price
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| Downside threshold: | 2,257.311, 70% of initial price
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| Pricing date: | July 17
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| Settlement date: | July 22
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| Agents: | Citigroup Global Markets Inc.
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| Fees: | 0.7%
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| Cusip: | 17328W5F1
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