By Taylor Fox
New York, Nov. 2 – Citigroup Global Markets Holdings Inc. priced $1.15 million of 32% autocallable equity-linked securities due Oct. 12, 2021 tied to the common stocks of Overstock.com, Inc. and Penn National Gaming, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Interest is payable monthly.
The notes will be automatically redeemed at par plus the coupon if both stocks close at or above their initial prices on any monthly observation date starting on Jan. 6, 2021.
The payout at maturity will be par if both stocks finish above the downside threshold, 50% of the initial price. Otherwise, the payout will be a number of the shares equal to the equity ratio divided by the initial price or, at the issuer’s option, an equivalent amount in cash.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable equity-linked securities
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| Underlying stocks: | Overstock.com, Inc. and Penn National Gaming, Inc.
|
| Amount: | $1,145,000
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| Maturity: | Oct. 12, 2021
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| Coupon: | 32%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if final prices of both stocks are at least 50% of initial prices; otherwise, full exposure to losses of worst performer, payable in either shares or cash
|
| Call: | At par plus interest if the shares close at or above initial price on any monthly observation date starting Jan. 6, 2021
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| Initial prices: | $78.21 for Overstock and $67.94 for Penn
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| Downside thresholds: | $39.105 for Overstock and $33.970 for Penn, 50% of initial price
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| Equity ratios: | 12.78609 for Overstock, 14.71887 for Penn
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 9
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.875%
|
| Cusip: | 17324X3Q1
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