By Toni Weeks
San Luis Obispo, Calif., Sept. 18 – Citigroup Inc. priced $4.97 million of 0% autocallable contingent coupon equity-linked securities due Sept. 21, 2015 linked to the common stock of Celgene Corp., 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 Celgene 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 Celgene shares close at or above the initial share price on any of the first three quarterly valuation dates.
If the notes are not called and 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 Celgene 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.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stock: | Celgene Corp. (NYSE: CELG)
|
| Amount: | $4,968,000
|
| Maturity: | Sept. 21, 2015
|
| Coupon: | 10% per year, payable quarterly if closing price of Celgene shares is greater than or equal to barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Celgene shares finish below barrier price, in which case 10.80264 Celgene shares
|
| Call: | At par plus contingent coupon if closing share price is greater than or equal to initial share price on any of first three quarterly valuation dates
|
| Initial share price: | $92.57
|
| Trigger level: | $74.056, 80% of initial share price
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 19
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 1730T0Z93
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
