Citigroup plans contingent coupon autocallables linked to three stocks

By Devika Patel

Knoxville, Tenn., Aug. 19 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due Aug. 31, 2017 linked to the worst performing of the common stocks of Ulta Salon, Cosmetics & Fragrance, Inc., Estee Lauder Cos. Inc. and Nu Skin Enterprises, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at an annualized rate of at least 18% if the worst-performing stock closes at or above its barrier price, 70% of its initial share price, on the valuation date for that quarter. The exact coupon will be set at pricing.

Beginning in November, the notes will be automatically called at par plus the contingent coupon if the worst-performing stock closes at or above its initial share price on any monthly valuation date.

If the final share price of the worst-performing stock is greater than or equal to its barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, 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, an amount in cash equal to the value of those shares.

Citigroup Global Markets Inc. is the underwriter.

The notes (Cusip: 17324CAC0) will price Aug. 24 and settle three business days after pricing.

© 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.