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Citigroup plans 8.5%-9.5% single observation ELKS on American Airlines
By Marisa Wong
Madison, Wis., April 17 – Citigroup Inc. plans to price 8.5% to 9.5% single observation Equity Linked Securities due April 27, 2016 linked to American Airlines Group Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly. The exact interest rate will be set at pricing.
If the final share price is at least 75% of the initial share price, the payout at maturity will be par of $1,000 in cash.
Otherwise, the payout will be a number of American Airlines 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.
The notes are expected to price on April 22.
The Cusip number is 1730T07L7.
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