By Toni Weeks
San Luis Obispo, Calif., May 27 - Citigroup Inc. priced $5.27 million of autocallable contingent coupon securities due Nov. 27, 2015 linked to the common stock of Biogen Idec Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Biogen Idec stock closes at or above the coupon barrier level, 75% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that period at a rate of 12.5% per year.
If the closing share price is greater than or equal to the initial share price on any of the first five quarterly observation dates, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the 75% barrier level, the payout at maturity will be par plus the contingent payment. Otherwise, investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon securities
|
| Underlying stock: | Biogen Idec Inc. (Symbol: BIIB)
|
| Amount: | $5,267,000
|
| Maturity: | Nov. 27, 2015
|
| Contingent payment: | 12.5% per year, payable quarterly if Biogen Idec stock closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to 75% trigger level, par plus contingent payment; otherwise, 3.33678 Biogen Idec shares or cash value of those shares
|
| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on any of first five quarterly observation dates
|
| Initial share price: | $299.69
|
| Coupon barrier level: | $224.678, 75% of initial share price
|
| Pricing date: | May 22
|
| Settlement date: | May 28
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 1730T0R27
|
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