By Angela McDaniels
Tacoma, Wash., May 29 - Citigroup Inc. priced $4.5 million of callable fixed-to-inverse-floating-rate range accrual notes due May 30, 2033 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 8.25% for the first year. In years two through 20, the interest rate will be the contingent floating rate multiplied by the proportion of days on which the index closes at or above the index reference level, which will be 70% of the initial index level. The contingent floating rate will be an annual rate equal to (a) 1.1 times (b) 7.4% minus Libor, subject to a minimum of zero. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning May 30, 2015, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Inc.
|
| Issue: | Callable fixed-to-inverse-floating-rate range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $4.5 million
|
| Maturity: | May 30, 2033
|
| Coupon: | 8.25% for first year; in years two through 20, contingent floating rate multiplied by proportion of days on which index closes at or above index reference level; payable quarterly
|
| Contingent floating rate: | (a) 1.1 times (b) 7.4% minus Libor, subject to a minimum of zero
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from May 30, 2015 onward
|
| Index reference level: | 688.996, 70% of initial level
|
| Pricing date: | May 24
|
| Settlement date: | May 30
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 1730T0TH2
|
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