By Wendy Van Sickle
Columbus, Ohio, March 1 – Citigroup Global Markets Holdings Inc. priced $7.5 million of callable dual range accrual notes due Feb. 28, 2032 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest will accrue at an annualized rate for each day that Libor is between 0% and 5% and the index closes at or above the 75% barrier level. Interest will be payable quarterly. The annualized interest rate will be 5% until Feb. 28, 2022, stepping up to 6.5% until Feb. 28, 2027, then to 8% until maturity. Interest is payable quarterly.
The payout at maturity will be par of $1,000 plus any coupon due.
The notes will be callable at par on any interest payment date beginning Feb. 28, 2020.
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: | Callable dual range accrual notes
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Underlyings: | Six-month Libor and S&P 500 index
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Amount: | $7.5 million
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Maturity: | Feb. 28, 2032
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Coupon: | Contingent rate multiplied by proportion of days on which Libor is 5% or less and index closes at or above index accrual barrier; contingent rate is 5% until Feb. 28, 2022, stepping up to 6.5% until Feb. 28, 2027, then to 8% until maturity; payable quarterly
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Price: | Par of $1,000
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Payout at maturity: | Par plus any coupon due
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Call option: | At par on any interest payment date beginning Feb. 28, 2020
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Initial index level: | 2,367.34
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Index accrual barrier: | 1,775.505, 75% of initial level
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Pricing date: | Feb. 24
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Settlement date: | Feb. 28
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.5%
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Cusip: | 17324CFC5
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