By William Gullotti
Buffalo, N.Y., Aug. 25 – Citigroup Global Markets Holdings Inc. priced $3.47 million of 30% autocallable equity-linked securities due Dec. 27, 2021 tied to the stocks of Plug Power Inc. and QuantumScape Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Interest is payable monthly.
The notes will be automatically redeemed at par plus the coupon if each stock closes at or above the initial level on any monthly observation date starting Sept. 24.
The payout at maturity will be par unless any stock finishes below its final barrier value, 65% of its initial value, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable equity-linked securities
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| Underlying stocks: | Plug Power Inc., QuantumScape Corp.
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| Amount: | $3,468,000
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| Maturity: | Dec. 27, 2021
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| Coupon: | 30% annually, payable monthly; 15% for the term of the securities
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below final barrier value, in which case investors will receive shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any monthly observation date starting Sept. 24
|
| Initial values: | $33.82 for Plug, $28.65 for QuantumScape
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| Final barrier values: | $21.983 for Plug, $18.623 for QuantumScape; 65% of initial values
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| Equity ratios: | 29.5683 for Plug, 34.90401 for QuantumScape; shares per security
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| Strike date: | June 23
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| Pricing date: | June 24
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| Settlement date: | June 29
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.5%
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| Cusip: | 17328NUQ9
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