By Kiku Steinfeld
Chicago, Jan. 13 – Citigroup Global Markets Holdings Inc. priced $5 million of autocallable contingent coupon equity-linked securities due Dec. 26, 2023 linked to the worst performing of the stocks of Microsoft Corp. and Charles Schwab 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 annual rate of 10% if each stock closes at or above its coupon barrier price, 71% 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 autocall date.
If the notes are not called and each stock finishes at or above its final barrier price, 71% 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Microsoft Corp., Charles Schwab Corp.
|
| Amount: | $4,997,000
|
| Maturity: | Dec. 26, 2023
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| Coupon: | 10% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; any previously unpaid coupons will also be paid
|
| Price: | Par
|
| 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
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
|
| Initial share prices: | $323.80 for Microsoft, $82.95 for Schwab
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| Coupon barrier prices: | $229.898 for Microsoft, $58.895 for Schwab; 71% of initial share prices
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| Final barrier prices: | $229.898 for Microsoft, $58.895 for Schwab; 71% of initial share prices
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| Equity ratio: | 3.08833 for Microsoft, 12.05546 for Schwab; total per security
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| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 27
|
| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
|
| Cusip: | 17328NL30
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