By William Gullotti
Buffalo, N.Y., July 22 – Citigroup Global Markets Holdings Inc. priced $5.26 million of autocallable contingent coupon equity-linked securities due July 18, 2024 linked to the worst performing of the stocks of Cigna Corp. and FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each stock closes at or above its coupon barrier price, 71% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly autocall date.
If the notes are not called and each stock finishes at or above its final barrier price, 71% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
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: | Cigna Corp., FedEx Corp.
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| Amount: | $5,257,000
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| Maturity: | July 18, 2024
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| Coupon: | 8% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of worst performer
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $234.91 for Cigna, $296.08 for FedEx
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| Coupon barrier prices: | $166.786 for Cigna, $210.217 for FedEx; 71% of initial share prices
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| Final barrier prices: | $166.786 for Cigna, $210.217 for FedEx; 71% of initial share prices
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| Equity ratio: | 4.25695 for Cigna, 3.37747 for FedEx; total per security
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| Pricing date: | July 15
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| Settlement date: | July 20
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17328NTS7
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