By William Gullotti
Buffalo, N.Y., Sept. 28 – Citigroup Global Markets Holdings Inc. priced $7.52 million of autocallable contingent coupon equity-linked securities due Sept. 27, 2022 linked to the worst performing of the stocks of NIKE, Inc. and Under Armour, Inc., 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 17% if each stock closes at or above its coupon barrier price, 74.5% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be paid whenever a contingent coupon payment is made.
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 autocall date.
If the notes are not called and each stock finishes at or above its final barrier price, 74.5% of its initial share price, the payout at maturity will be par plus the final coupon and any previously unpaid coupons. 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: | NIKE, Inc., Under Armour, Inc.
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| Amount: | $7,522,000
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| Maturity: | Sept. 27, 2022
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| Coupon: | 17% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will also include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of worst performer equal to that stock’s equity ratio 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: | $157.44 for NIKE, $20.76 for Under Armour
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| Coupon barrier prices: | $117.293 for NIKE, $15.466 for Under Armour; 74.5% of initial share prices
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| Final barrier prices: | $117.293 for NIKE, $15.466 for Under Armour; 74.5% of initial share prices
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| Equity ratio: | 6.35163 for NIKE, 48.16956 for Under Armour; total per security
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NYX0
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