By Angela McDaniels
Tacoma, Wash., June 26 – Citigroup Global Markets Holdings Inc. priced $1.69 million of autocallable contingent coupon equity-linked securities due June 27, 2018 linked to the lesser performing of the common stocks of Valero Energy Corp. and Halliburton Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at an annualized rate of 10.5% if the lesser-performing stock closes at or above its barrier price, 70% of its initial share price, on the valuation date for that quarter.
Beginning in September, the notes will be automatically called at par plus the contingent coupon if the lesser-performing stock closes at or above its initial share price on any quarterly potential redemption date.
If the final share price of the lesser-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 lesser-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.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Valero Energy Corp. (NYSE: VLO) and Halliburton Co. (NYSE: HAL)
|
| Amount: | $1,689,000
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| Maturity: | June 27, 2018
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| Coupon: | 10.5% per year, payable quarter if lesser-performing stock closes at or above barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price of lesser-performing stock is greater than or equal to barrier price, par plus contingent coupon; otherwise, number of shares of lesser-performing stock equal to $1,000 divided by initial share price of that stock or, at issuer’s option, cash amount equal to value of those shares
|
| Call: | Automatically at par plus contingent coupon if lesser-performing stock closes at or above initial share price on any quarterly potential redemption date
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| Initial share prices: | $64.82 for Valero and $41.90 for Halliburton
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| Barrier prices: | $48.615 for Valero and $31.425 for Halliburton; 75% of initial share prices
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| Pricing date: | June 22
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| Settlement date: | June 27
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
| Cusip: | 17324XCD0
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