By Toni Weeks
San Luis Obispo, Calif., Nov. 25 – Citigroup Inc. priced $2.37 million of autocallable contingent coupon equity-linked securities due Nov. 27, 2015 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 11% if Facebook stock closes at or above the barrier price, 80% of the initial price, on the valuation date for that quarter.
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 of the first three quarterly valuation dates.
If the notes are not called and 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)
|
| Amount: | $2,374,000
|
| Maturity: | Nov. 27, 2015
|
| Coupon: | 11% per year, payable quarterly if closing price of Facebook shares is greater than or equal to barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Facebook shares finish below barrier price, in which case 13.55932 Facebook shares
|
| Call: | At par plus contingent coupon if closing share price is greater than or equal to initial share price on any of first three quarterly valuation dates
|
| Initial share price: | $73.75
|
| Barrier price: | $59.00, 80% of initial share price
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| Pricing date: | Nov. 21
|
| Settlement date: | Nov. 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 1730T03B3
|
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