By Wendy Van Sickle
Columbus, Ohio, July 27 – Citigroup Global Markets Holdings Inc. priced $406,000 of autocallable contingent coupon notes due July 27, 2021 linked to the common stock of Apple Inc., 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 (and any unpaid contingent coupons) at the rate of 8% per year if the shares close at or above the coupon barrier, 78% of the initial share price, on the observation date for that quarter.
The notes will be automatically called at par if the shares close at or above the initial share price on any quarterly valuation date other than the final one.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, 78% 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 stock: | Apple Inc.
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| Amount: | $406,000
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| Maturity: | July 27, 2021
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| Contingent coupon: | 8%, payable quarterly (plus any previously unpaid contingent coupons) if stock 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 stock finishes below downside threshold level, in which case 2.5701 Apple shares or, at issuer’s option, value of those shares in cash
|
| Call: | Automatically at par plus the coupon and any previously unpaid coupons if Apple shares close at or above the initial share price on any quarterly valuation date other than the final one
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| Initial price: | $389.09
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| Coupon barrier: | $303.49, 78% of initial price
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| Downside threshold: | $303.49, 78% of initial price
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| Equity ratio: | 2.55820
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| Pricing date: | July 15
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| Settlement date: | July 20
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| Agents: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324XN97
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