By Susanna Moon
Chicago, Sept. 24 - Citigroup Inc. priced $20.7 million of 14.5% autocallable equity-linked securities due Sept. 25, 2014 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be redeemed at par of $10 if U.S. Steel shares close at or above the initial share price on any of three quarterly observation dates.
If the notes are not called and the final share price is at least 75% 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 amount in cash equal to the value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Autocallable equity-linked securities
|
| Underlying stock: | United States Steel Corp. (Symbol: X)
|
| Amount: | $20,701,000
|
| Maturity: | Sept. 25, 2014
|
| Coupon: | 14.5%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless final share price is less than downside threshold, in which case 0.48733 U.S. Steel shares or, at issuer's option, amount in cash equal to value of those shares
|
| Call: | At par if U.S. Steel shares close at or above initial share price on Dec. 20, March 20, 2014 and June 20, 2014
|
| Initial share price: | $20.52
|
| Downside threshold: | $15.39, 75% of initial share price
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 25
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17321F888
|
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