By Wendy Van Sickle
Columbus, Ohio, Jan. 31 – Citigroup Global Markets Holdings Inc. priced $3.57 million of autocallable contingent coupon equity-linked securities due Jan. 30, 2019 linked to the lesser performing of the common stocks of Bristol-Myers Squibb Co. and Merck & Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at an annualized rate of 10% if each stock closes at or above its barrier price, 77.5% of its initial share price, on the valuation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if the lesser-performing stock closes at or above its initial share price on any quarterly valuation date.
If each stock finishes at or above its barrier price, the payout at maturity will be par plus the contingent coupon.
Otherwise, the payout will be a number of shares of the lesser-performing stock equal to $1,000 divided by the initial share price of that stock 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 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: | Bristol-Myers Squibb Co. and Merck & Co., Inc.
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| Amount: | $3.57 million
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| Maturity: | Jan. 30, 2019
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| Coupon: | 10% per year, payable quarterly if each stock closes at or above barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or equal to its barrier price, par plus contingent coupon; otherwise, number of shares of lesser-performing stock equal to $1,000 divided by initial share price of that stock or, at issuer’s option, cash amount equal to value of those shares
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| Call: | Automatically at par plus contingent coupon if lesser-performing stock closes at or above initial share price on any quarterly valuation date
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| Initial share prices: | $63.52 for Bristol-Myers and $61.30 for Merck
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| Barrier prices: | $49.228 for Bristol-Myers and $47.508 for Merck; 77.5% of initial share prices
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324XLR9
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