By Taylor Fox
New York, Nov. 16 – Citigroup Global Markets Holdings Inc. priced $436,000 of autocallable contingent coupon equity-linked securities due Nov. 2, 2023 linked to the worst performing of the stocks of Kraft Heinz Co., PepsiCo, Inc. and Tyson Foods, 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 quarterly coupon at an annualized rate of 13.6% if the stocks close at or above the barrier price, 70% of the initial price, on the valuation date for that period. Coupon payments will include previously unpaid coupons.
The notes will be automatically called at par plus the contingent coupon if all stocks close at or above the initial share prices on any quarterly valuation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the shares of the worst performer finish below the 70% final barrier level, in which case investors will receive a number of shares equal to the principal divided by the initial share price of the worst performer, or the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Kraft Heinz Co., PepsiCo, Inc. and Tyson Foods, Inc.
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| Amount: | $436,000
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| Maturity: | Nov. 2, 2023
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| Coupon: | 13.6% per year, payable quarterly if closing price of stocks is greater than or equal to barrier price on valuation date for that period; includes previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless shares of either stock finish below final barrier level, in which case, number of shares of worst performer equal to principal divided by initial share price or cash equivalent
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| Call: | At par plus contingent coupon if closing share prices are greater than or equal to initial share prices on any quarterly valuation date
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| Initial share prices: | $31.37 for Heinz, $139.56 for Pepsi and $60.05 for Tyson
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| Coupon/barrier prices: | $21.959 for Heinz, $97.692 for Pepsi and $42.035 for Tyson 70% of initial levels
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| Equity ratios: | 31.87759 for Heinz, 7.16538 for Pepsi and 16.65279 for Tyson
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| Pricing date: | Oct. 23
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| Settlement date: | Oct. 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17324X5G1
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