By William Gullotti
Buffalo, N.Y., Nov. 29 – Citigroup Global Markets Holdings Inc. priced $9.59 million of autocallable contingent coupon equity-linked securities due Dec. 3, 2024 linked to the worst performing of the stocks of Apple Inc. and Bank of America Corp., 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 8% if each stock closes at or above its coupon barrier price, 69% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically include whenever a contingent coupon is paid.
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.
If the notes are not called and each stock finishes at or above its final barrier price, 69% of its initial share price, the payout at maturity will be par plus the final coupon. 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: | Apple Inc., Bank of America Corp.
|
| Amount: | $9,593,000
|
| Maturity: | Dec. 3, 2024
|
| Coupon: | 8% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will automatically any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each stock finishes at or above final barrier price; 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
|
| Initial share prices: | $161.41 for Apple, $47.50 for BofA
|
| Coupon barrier prices: | $111.373 for Apple, $32.775 for BofA; 69% of initial share prices
|
| Final barrier prices: | $111.373 for Apple, $32.775 for BofA; 69% of initial share prices
|
| Equity ratio: | 6.1954 for Apple, 21.05263 for BofA; total per security
|
| Pricing date: | Nov. 23
|
| Settlement date: | Dec. 1
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17328NX37
|
|
|
© 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.
