By Toni Weeks
San Luis Obispo, Calif., July 29 – Citigroup Inc. priced $3.03 million of autocallable contingent coupon equity-linked securities due Jan. 28, 2016 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 12.25% per year if Valero stock closes at or above the coupon barrier price, 80% of the initial price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if Valero shares close at or above the initial share price on any of the first five quarterly valuation dates.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 80% barrier level, in which case investors will receive a number of Valero shares equal to $1,000 divided by the initial share price.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stock: | Valero Energy Corp. (Symbol: VLO)
|
| Amount: | $3,029,000
|
| Maturity: | Jan. 28, 2016
|
| Coupon: | 12.25% per year, payable quarterly if Valero shares close at or above barrier price on quarterly review date
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above barrier price, par plus contingent coupon; otherwise, 20.3252 Valero shares
|
| Call: | At par plus contingent coupon if Valero shares close at or above initial share price on any quarterly review date other than final review date
|
| Initial price: | $49.20
|
| Barrier price: | $39.36, 80% of initial price
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 1730T0V30
|
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