By Toni Weeks
San Luis Obispo, Calif., May 30 - Citigroup Inc. priced $3 million of callable range accrual notes due May 30, 2033 linked to Libor and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at the applicable rate for each day that Libor is 6% or less and the index closes at or above the index reference level, 75% of the initial index level. The rate will be 6% for the first 10 years, stepping up to 7.5% on May 30, 2023 and to 9% on May 30, 2028. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning May 30, 2015.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Callable range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $3 million
|
| Maturity: | May 30, 2033
|
| Coupon: | The applicable rate multiplied by the proportion of days that Libor is 6% or less and the index closes at or above 75% of initial level; applicable rate is 6% initially, stepping up to 7.5% on May 30, 2023 and to 9% on May 30, 2028; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning May 30, 2015
|
| Initial level: | 984.28
|
| Index reference level: | 738.21, 75% of initial level
|
| Pricing date: | May 24
|
| Settlement date: | May 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 1730T0TE9
|
© 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.
