By Kiku Steinfeld
Chicago, July 25 – Citigroup Global Markets Holdings Inc. priced $500,000 of autocallable contingent coupon equity-linked securities due Jan. 6, 2023 linked to the worst performing of the stocks of SoFi Technologies, Inc. and Twilio Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 24% if each stock closes at or above its coupon barrier price, 50% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included 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 monthly valuation date after three months.
If the notes are not called and each stock finishes at or above its final barrier price, 50% 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.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | SoFi Technologies, Inc. and Twilio Inc.
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| Amount: | $500,000
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| Maturity: | Jan. 6, 2023
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| Coupon: | 24% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| 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
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly valuation date after three months
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| Initial share prices: | $14.47 for Sofi, $257.73 for Twilio
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| Coupon barrier prices: | $7.235 for Sofi, $128.865 for Twilio; 50% of initial share prices
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| Final barrier prices: | $7.235 for Sofi, $128.865 for Twilio; 50% of initial share prices
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| Equity ratio: | 69.10850 for Sofi, 3.88003 for Twilio
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| Pricing date: | Dec. 31
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| Settlement date: | Jan. 5
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17328NQ35
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