By Marisa Wong
Madison, Wis., Aug. 27 – Citigroup Inc. priced $3.67 million of autocallable contingent coupon equity-linked securities due Aug. 30, 2017 linked to the common stock of Gilead Sciences, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 10% if Gilead Sciences stock closes at or above the barrier price, 80% of the initial price, on the valuation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if Gilead Sciences shares close at or above the initial share price on any of the first 11 quarterly valuation dates.
If the final share price is greater than or equal to the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will receive a number of Gilead Sciences shares equal to $1,000 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.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stock: | Gilead Sciences, Inc. (Nasdaq: GILD)
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| Amount: | $3,666,000
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| Maturity: | Aug. 30, 2017
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| Coupon: | 10% per year payable quarterly if Gilead Sciences stock closes at or above coupon barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if final share price is greater than or equal to barrier price; otherwise, 9.30665 Gilead Sciences shares or, at issuer’s option, cash amount equal to value of those shares
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| Call: | Automatically at par plus contingent coupon if Gilead Sciences shares close at or above initial share price on any of first 11 quarterly valuation dates
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| Initial share price: | $107.45
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| Barrier price: | $85.96, 80% of initial share price
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 1730T0W54
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