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Citigroup plans 14.5%-16.5% autocallable securities tied to U.S. Steel
By Toni Weeks
San Luis Obispo, Calif., June 5 - Citigroup Inc. plans to price 14.5% to 16.5% autocallable equity-linked securities due June 19, 2014 tied to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will be automatically redeemed at par of $10 plus interest if U.S. Steel shares close at or above the initial share price on Sept. 16, Dec. 16, 2013 or March 17, 2014.
If the notes are not called and the final share price is at least 80% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be a number of U.S. Steel shares equal to $10 divided by the initial share price or, at the issuer's option, an equivalent amount in cash.
The notes (Cusip: 173095415) are expected to price June 14 and settle three business days later.
Citigroup Global Markets Inc. is the agent.
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