By Wendy Van Sickle
Columbus, Ohio, Jan. 4 – Citigroup Global Markets Holdings Inc. priced $1.08 million of autocallable contingent coupon equity-linked securities due Jan. 5, 2018 linked to the common stock of Hertz Global Holdings, 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 annualized rate of 18% if Hertz stock closes at or above the barrier price, 55% of the initial price, on the valuation date for that month.
Beginning in March 2017, the notes will be automatically called at par plus the contingent coupon if Hertz shares close at or above the initial share price on any valuation date.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors receive a fixed number of Hertz shares equal to the equity ratio 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 stock: | Citigroup Global Markets Holdings Inc.
|
| Amount: | $1,075,000
|
| Maturity: | Jan. 5, 2018
|
| Coupon: | 18% per year, payable monthly if closing price of Hertz shares is greater than or equal to barrier price on valuation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Hertz shares finish below barrier price, in which case 46.38219 Hertz shares
|
| Call: | At par plus contingent coupon if closing share price is greater than or equal to initial share price on any of first three quarterly valuation dates
|
| Initial share price: | $21.56
|
| Barrier price: | $11.858, 55% of initial share price
|
| Pricing date: | Dec. 30
|
| Settlement date: | Jan. 5
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.875%
|
| Cusip: | 17324XAQ3
|
|
|
© 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.
