By Wendy Van Sickle
Columbus, Ohio, April 30 – Citigroup Global Markets Holdings Inc. priced $2.77 million of autocallable contingent coupon equity-linked securities due April 18, 2022 linked to the worst performing of the stocks of Teladoc Health, Inc. and ServiceNow, 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 annual rate of 17.5% if each stock closes at or above the coupon barrier price, 69% of the initial price, on the valuation date for that period.
The notes will be automatically called at par if each stock closes at or above its initial price, on any quarterly valuation date.
If the notes are not called and each stock finishes at or above final barrier price, 69% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive shares of the worst performer equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares.
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: | Teladoc Health, Inc. and ServiceNow, Inc.
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| Amount: | $2.77 million
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| Maturity: | April 18, 2022
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| Coupon: | 17.5%, payable quarterly if each stock closes at or above coupon barrier price, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier; otherwise, number of shares of the worst performer equal to the principal amount divided by initial share price of worst performing stock or, at issuer’s option, cash equivalent
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| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly valuation date
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| Initial levels: | $182.01 for Teladoc Health and $537.00 for ServiceNow
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| Coupon barrier levels: | $125.587 for Teladoc Health and $370.53 for ServiceNow, 69% of initial levels
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| Final barrier levels: | $125.587 for Teladoc Health and $370.53 for ServiceNow, 69% of initial levels
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| Equity ratios: | 5.4942 for Teladoc Health and 1.8622 for ServiceNow
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| Pricing date: | April 12
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| Settlement date: | April 15
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NNK0
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