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Citigroup plans callable range accrual notes linked to Libor, S&P 500
By Susanna Moon
Chicago, Feb. 1 - Citigroup Inc. plans to price callable Libor and S&P 500 index-linked range accrual notes due Feb. 22, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at a rate per year for each day that Libor is 6% or less and the index closes at or above 75% of the initial level. The contingent coupon will be 6% for the first five years, stepping up to 7% on Feb. 22, 2018, to 8% on Feb. 22, 2023 and to 9% on Feb. 22, 2028.
The notes are callable at par plus accrued interest, if any, on any quarterly interest payment date beginning on Feb. 22, 2015.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the agent.
The notes will price on Feb. 19.
The Cusip number is 1730T0RM3.
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