By Marisa Wong
Morgantown, W.Va., Dec. 15 – Citigroup Global Markets Holdings Inc. priced $12 million of callable fixed-to-floating leveraged CMS spread notes due Dec. 14, 2036, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The coupon will be 9% for the first year. After that, it will be five times the modified spread, subject to a minimum rate of zero and a maximum rate of 10% per year. The modified spread is the 30-year Constant Maturity Swap rate minus the two-year CMS rate minus 25 basis points. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Dec. 14, 2017, the notes will be callable at par on any coupon payment date.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable fixed-to-floating leveraged CMS spread notes
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| Amount: | $12 million
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| Maturity: | Dec. 14, 2036
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| Coupon: | 9% for the first year; after that, five times the modified spread, subject to a minimum rate of zero and a maximum rate of 10% per year; modified spread is 30-year CMS rate minus two-year CMS rate minus 25 bps; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | Beginning Dec. 14, 2017, at par on any coupon payment date
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 14
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 5%
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| Cusip: | 17290JAA9
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