By Angela McDaniels
Tacoma, Wash., July 30 – Citigroup Inc. priced $1.23 million of autocallable contingent coupon equity-linked securities due Aug. 2, 2018 linked to the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Every six months, the notes will pay a contingent coupon at an annualized rate of 7% if Facebook stock closes at or above the barrier price, 80% of the initial price, on the valuation date for that semiannual period.
Beginning July 28, 2016, the notes will be automatically called at par plus the contingent coupon if Facebook shares close at or above the initial share price on any semiannual valuation date other than the final one.
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 Facebook 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: | Facebook, Inc. (Nasdaq: FB)
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| Amount: | $1.23 million
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| Maturity: | Aug. 2, 2018
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| Coupon: | 7% per year, payable semiannually if Facebook stock closes at or above barrier price on valuation date for that semiannual period
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to barrier price, par plus contingent coupon; otherwise, 10.49428 Facebook shares or, at issuer's option, amount in cash equal to value of those shares
|
| Call: | Beginning July 28, 2016, automatically at par plus contingent coupon if Facebook shares close at or above initial share price on any semiannual valuation date other than final one
|
| Initial share price: | $95.29
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| Barrier price: | $76.232, 80% of initial share price
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| Pricing date: | July 28
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| Settlement date: | July 31
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17298CCY2
|
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