By Marisa Wong
Morgantown, W.Va., Oct. 7 – Citigroup Global Markets Holdings Inc. priced $2.65 million of autocallable contingent coupon equity-linked securities due Oct. 2, 2017 linked to Valero Energy Corp. common shares, 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 9% if Valero stock closes at or above the coupon barrier level, 77.5% of the initial price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if Valero shares close at or above the initial share price on any quarterly valuation date from December 2016 to June 2017.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 77.5% barrier level, in which case investors will receive a number of Valero shares equal to $1,000 divided by the 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 stock: | Valero Energy Corp. (Symbol: VLO)
|
| Amount: | $2,648,000
|
| Maturity: | Oct. 2, 2017
|
| Coupon: | 9% per year, payable quarterly if Valero shares close at or above barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to barrier level, par plus final coupon; otherwise, 18.17521 Valero shares or, at issuer’s option, cash equivalent
|
| Call: | At par plus contingent coupon if Valero shares close at or above initial share price on any quarterly valuation date from December 2016 to June 2017
|
| Initial share price: | $55.02
|
| Barrier: | $42.641, 77.5% of initial share price
|
| Pricing date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
| Cusip: | 17324CAW6
|
|
|
© 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.
