By William Gullotti
Buffalo, N.Y., Nov. 5 – Citigroup Global Markets Holdings Inc. priced $602,000 of autocallable contingent coupon equity-linked securities due Aug. 1, 2024 linked to the worst performing of the stocks of FedEx Corp., Qualcomm Inc. and Visa 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 monthly coupon at an annual rate of 10.65% if each stock closes at or above its coupon barrier price, 75% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically include whenever a contingent payment is made.
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 valuation date after six months.
If the notes are not called and each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | FedEx Corp., Qualcomm Inc., Visa Inc.
|
| Amount: | $602,000
|
| Maturity: | Aug. 1, 2024
|
| Coupon: | 10.65% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each stock finishes at or above coupon barrier; if the worst performer finishes below its coupon barrier but at or above final barrier, par; otherwise, investors will receive a number of shares of worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date after six months
|
| Initial share prices: | $281.83 for FedEx, $142.44 for Qualcomm, $246.94 for Visa
|
| Coupon barrier prices: | $211.373 for FedEx, $106.83 for Qualcomm, $185.205 for Visa; 75% of initial share prices
|
| Final barrier prices: | $169.098 for FedEx, $85.464 for Qualcomm, $148.164 for Visa; 60% of initial share prices
|
| Equity ratio: | 3.54824 for FedEx, 7.0205 for Qualcomm, 4.04957 for Visa; total per security
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 2
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328NWC8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
