By Sarah Lizee
Olympia, Wash., May 2 – Citigroup Global Markets Holdings Inc. priced $3.03 million of fixed-to-floating notes due May 3, 2033 linked to 30-year Constant Maturity Swap rate and the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest will be 7% for the first two years. Beginning May 3, 2020, interest will be equal to 14 times the spread of the 30-year CMS rate minus the two-year CMS rate, subject to a maximum interest rate of 10% and a minimum interest rate of 0%. Interest will be payable quarterly.
The notes are callable in whole at par on any interest payment date beginning on May 3, 2020.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Fixed-to-floating notes
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| Amount: | $3.03 million
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| Maturity: | May 3, 2033
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| Coupon: | 7% initially; beginning May 3, 2020, equal to 14 times the spread of the 30-year CMS rate minus the two-year CMS rate, subject to a maximum interest rate of 10% and a floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | In whole at par quarterly beginning May 3, 2020
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 17324CU53
|
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