By Tali Rackner
Norfolk, Va., Feb. 24 – Citigroup Global Markets Holdings Inc. priced $2.57 million of autocallable contingent coupon equity-linked securities due Aug. 24, 2018 linked to the lesser-performing of the common stock of Apple Inc. and the class A common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent semiannual coupon at an annual rate of 9% if each stock closes at or above the barrier price, 80% of the initial price, on the valuation date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above the initial share price on any semiannual valuation date from August 2017 through February 2018.
The payout at maturity will be par plus the contingent coupon unless either stock finishes below the 80% barrier price, in which case investors will receive a number of shares of the lesser-performing stock equal to the principal divided by the initial share price, or, at the issuer’s option, the cash equivalent.
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 stocks: | Apple Inc., Alphabet Inc.
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| Amount: | $2,571,000
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| Maturity: | Aug. 24, 2018
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| Coupon: | 9% per year, payable semiannually if closing price of each stock is greater than or equal to its barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below barrier price, in which case investors receive a number of shares of the lesser-performing stock equal to $1,000 divided by the initial share price or the cash equivalent
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| Call: | At par plus contingent coupon if each stock closes at or equal to its initial share price on any valuation date from August 2017 through February 2018
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| Initial share prices: | $136.70 for Apple, $849.27 for Alphabet
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| Barrier prices: | $109.36 for Apple, $679.416 for Alphabet, 80% of initial share prices
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| Pricing date: | Feb. 21
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| Settlement date: | Feb. 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17324XBB5
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