By William Gullotti
Buffalo, N.Y., Aug. 2 – Citigroup Global Markets Holdings Inc. priced $5.28 million of autocallable contingent coupon equity-linked securities due Aug. 5, 2024 linked to the worst performing of the stocks of Apple Inc. and JPMorgan Chase & Co., 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 annual rate of 8% if each stock closes at or above its coupon barrier price, 72% of its initial share price, on the valuation date for that period. Any previously unpaid coupons will also be paid.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly determination date.
If the notes are not called and each stock finishes at or above its final barrier price, 72% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.
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 equity-linked securities
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| Underlying stocks: | Apple Inc., JPMorgan Chase & Co.
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| Amount: | $5,283,000
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| Maturity: | Aug. 5, 2024
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| Coupon: | 8% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payments will include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of worst performer or the cash equivalent at the issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $146.77 for Apple, $151.45 for JPMorgan
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| Coupon barrier prices: | $105.674 for Apple, $109.044 for JPMorgan; 72% of initial share prices
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| Final barrier prices: | $105.674 for Apple, $109.044 for JPMorgan; 72% of initial share prices
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| Equity ratio: | 6.81338 for Apple, 6.60284 for JPMorgan; total per security
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| Pricing date: | July 27
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| Settlement date: | Aug. 3
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17328NTA6
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