Citigroup plans 7.75%-9.75% autocallable securities on Cummins

By Marisa Wong

Madison, Wis., Aug. 2 - Citigroup Inc. plans to price 7.75% to 9.75% annualized autocallable equity-linked securities due Aug. 14, 2014 tied to Cummins Inc. 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 plus interest if Hewlett-Packard shares close at or above the initial share price on Nov. 11, Feb. 10, 2014 or May 9, 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 in cash. Otherwise, the payout will be a number of Hewlett-Packard shares equal to $10 divided by the initial share price or, at the issuer's option, an equivalent amount in cash.

Citigroup Global Markets Inc. is the agent.

The notes are expected to price Aug. 9 and settle three business days after that.

The Cusip number is 173095175.

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