By William Gullotti
Buffalo, N.Y., March 17 – Citigroup Global Markets Holdings Inc. priced $5.7 million of autocallable contingent coupon equity-linked securities due March 14, 2025 linked to the worst performing of the stocks of JPMorgan Chase & Co. and 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 annual rate of 9.2% if each stock closes at or above its coupon barrier price, 55% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a contingent 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 valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 55% of its initial share price, the payout at maturity will be par plus all 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, at the issuer’s option, the cash equivalent.
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: | JPMorgan Chase & Co., Target Corp.
|
| Amount: | $5,703,000
|
| Maturity: | March 14, 2025
|
| Coupon: | 9.2% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus all unpaid coupons if each stock finishes at or above final barrier price; otherwise, investors will receive a number of shares of worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
|
| Initial share prices: | $128.89 for JPMorgan, $206.97 for Target
|
| Coupon barrier prices: | $70.89 for JPMorgan, $113.834 for Target; 55% of initial share prices
|
| Final barrier prices: | $70.89 for JPMorgan, $113.834 for Target; 55% of initial share prices
|
| Equity ratio: | 7.75855 for JPMorgan, 4.83162 for Target; total per security
|
| Pricing date: | March 11
|
| Settlement date: | March 16
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17328N3K2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
