Chicago, March 29 – Citigroup Global Markets Holdings Inc. priced $10.81 million of medium-term senior notes, series N due April 1, 2022 tied to the S&P GSCI Light Energy Excess Return index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes bear interest at one-month Libor minus 6 basis points, subject to a floor of 0%.
The notes are putable at any time if the noteholder elects to redeem the entire issue at once. The notes would be redeemed at par plus the supplemental return amount.
The notes will be automatically called if the underlying index closes below 85% of its initial level on any commodity trading day. The notes will be redeemed at par plus the supplemental return amount, but the supplemental return amount will likely be negative and result in a loss of at least 45% of the investment.
Absent an early redemption, at maturity investors will receive par plus the supplemental return amount.
The supplemental return amount is three times the change in the index level from the initial valuation date to that date after deducting a 0.15% annual fee. The fee is also magnified by three.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Medium-term notes, series N
|
| Underlying index: | S&P GSCI Light Energy Excess Return index
|
| Amount: | $10,813,000
|
| Maturity: | April 1, 2022
|
| Coupon: | One-month Libor minus 6 bps, floor of 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus supplemental return amount, which is three times the change in the index level from the initial valuation date after deducting a 0.15% annual fee
|
| Call: | Automatically if index closes below 85% of initial level on any commodity trading date at par plus supplemental return amount, in which case investor return will be negative
|
| Put: | If noteholder puts entire issue, par plus supplemental return amount at any time
|
| Initial price: | 198.582
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 4
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 17328YSX3
|
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