By Wendy Van Sickle
Columbus, Ohio, April 7 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due March 28, 2023 linked to the Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.25% if the stock closes at or above the coupon barrier level, 75% of the initial level, on the valuation date for that period.
The notes are callable at par plus the contingent coupon on any quarterly call valuation date.
If the notes are not called, the payout at maturity will be par unless the stock finishes below the 75% barrier level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent 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: | Callable contingent coupon equity-linked securities
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| Underlying stock: | Target Corp.
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| Amount: | $1 million
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| Maturity: | March 28, 2023
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| Coupon: | 9.25% per year, payable quarterly if stock closes at or above coupon barrier on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below barrier level, in which case a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares
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| Call: | At par plus contingent coupon on any quarterly call valuation date
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| Initial level: | $188.92
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| Coupon barrier level: | $141.69, 75% of initial level
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| Barrier level: | $141.69, 75% of initial level
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| Equity ratio: | 5.29325
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| Pricing date: | March 23
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| Settlement date: | March 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NMU9
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