Citigroup to price contingent coupon autocallables linked to Twitter

By Angela McDaniels

Tacoma, Wash., May 5 – Citigroup Inc. plans to price autocallable contingent coupon equity-linked securities due May 26, 2016 linked to the common stock of Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annualized rate of 9% to 11% if Twitter stock closes at or above the barrier price, 75% of the initial price, on the valuation date for that quarter. The exact rate will be set at pricing.

The notes will be automatically called at par plus the contingent coupon if Twitter shares close at or above the initial share price on any quarterly valuation date.

If 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 will receive a number of Twitter shares equal to $1,000 divided by the initial share price 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 are expected to price May 22.

The Cusip number is 17298CAV0.

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