By Susanna Moon
Chicago, June 18 – Citigroup Inc. priced $4 million of autocallable contingent coupon equity-linked securities due June 21, 2017 linked to the worst performing of the common stocks of Johnson & Johnson, Cisco Systems, Inc. and Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11.5% if each stock closes at or above its barrier price, 75% of its initial share price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly valuation date.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below the barrier level, in which case the payout will be a number of shares of the worst performing stock equal to $1,000 divided by the initial share price of that stock or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
The notes are expected to price June 16.
The Cusip number is
| Issuer: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Johnson & Johnson (Symbol: JNJ), Cisco Systems, Inc. (Symbol: CSCO) and Chevron Corp. (Symbol: CVX)
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| Amount: | $4 million
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| Maturity: | June 21, 2017
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| Coupon: | 11.5% annualized, payable quarterly if each stock closes at or above barrier level on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above barrier price, par plus contingent coupon; otherwise, a number of shares of the worst performing stock equal to $1,000 divided by the initial share price of that stock or cash equivalent
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| Call: | At par plus contingent coupon if each stock closes at or above initial share price on any quarterly valuation date other than final date
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| Barrier levels: | 75% of initial levels
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| Equity ratios: | 10.16673 for Johnson & Johnson, 34.83107 for Cisco and 9.99600 for Chevron
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| Pricing date: | June 16
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| Settlement date: | June 19
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17298CCJ5
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