By Kiku Steinfeld
Chicago, May 24 – Citigroup Global Markets Holdings Inc. priced $8.32 million phoenix autocallable securities due May 18, 2022 linked to Peloton Interactive, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the stock closes at or above the coupon barrier level, 75% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 7.875%, plus any previously unpaid contingent coupons.
The notes will be called at par plus any previously unpaid contingent coupons if the shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons unless the stock finishes below the 75% final barrier level, in which case investors will lose 1% for each 1% decline of the stock, payable in shares or cash.
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: | Phoenix autocallable securities
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| Underlying stock: | Peloton Interactive, Inc.
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| Amount: | $8.32 million
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| Maturity: | May 18, 2022
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| Coupon: | 7.875% annualized, plus any previously unpaid coupons, if stock closes at or above barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon and previously unpaid coupons if stock finishes at or above final barrier level; otherwise, 1% for each 1% decline of stock, payable in shares or cash
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| Call: | At par plus final contingent coupon and any previously unpaid coupons if stock closes at or above initial level on a quarterly observation date
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| Initial share price: | $98.35
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| Barrier/final barrier price: | $73.763, 75% of initial price
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| Equity ratio: | 135.56932
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| Pricing date: | April 30
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| Settlement date: | May 5
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NPM4
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