By William Gullotti
Buffalo, N.Y., July 27 – Citigroup Global Markets Holdings Inc. priced $705,000 of callable contingent coupon equity-linked securities due June 2, 2023 linked to the shares of DraftKings 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 12% if the stock closes at or above the coupon barrier price, 50% of the initial price, on the valuation date for that period.
The notes are callable at par plus the contingent coupon on any quarterly call valuation date after six months.
If the notes are not called, the payout at maturity will be par unless the shares finish below the 50% barrier level, in which case investors will receive a number of shares of equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying stock: | DraftKings Inc.
|
| Amount: | $705,000
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| Maturity: | June 2, 2023
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| Coupon: | 12% per year, payable quarterly if closing price of shares is greater than or equal to coupon barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless shares finish below barrier level, in which case 20.02002 shares or cash equivalent at the issuer’s option
|
| Call: | At par plus contingent coupon on any quarterly call valuation date after six months
|
| Initial share price: | $49.95
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| Coupon barrier price: | $24.975, 50% of initial share price
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| Barrier level: | $24.975, 50% of initial share price
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| Pricing date: | May 28
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| Settlement date: | June 3
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17328NUF3
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