By Tali Rackner
Norfolk, Va., July 8 – Citigroup Global Markets Holdings Inc. priced $1.36 million of autocallable contingent coupon equity-linked securities due July 2, 2018 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at an annualized rate of 9% if Apple stock closes at or above the barrier price, 80% of the initial price, on the valuation date for that quarter.
After one year, the notes will be automatically called at par plus the contingent coupon if Apple shares close at or above the initial share price on any quarterly 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 Apple 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 Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
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| Amount: | $1,356,000
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| Maturity: | July 2, 2018
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| Coupon: | 9% per year, payable quarterly if Apple stock closes at or above barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If final share price is greater than or equal to barrier price, par plus contingent coupon; otherwise, 10.86484 Apple shares or, at issuer’s option, cash value of those shares
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| Call: | Automatically at par plus contingent coupon if Apple shares close at or above initial share price on any quarterly valuation date beginning June 27, 2017 other than final one
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| Initial share price: | $92.04
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| Barrier price: | $73.632, 80% of initial share price
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17324C4D5
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