By Devika Patel
Knoxville, Tenn., Dec. 20 – Citigroup Global Markets Holdings Inc. priced $2.26 million of autocallable contingent coupon equity-linked securities due Dec. 21, 2017 linked to the common stock of Celgene Corp. and the common stock of Amazon.com, 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 10.5% if both stocks close at or above the barrier level, 70% of the initial level, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if both stocks close at or above the initial share price on any quarterly valuation date from March 2017 through September 2017.
The payout at maturity will be par plus the contingent coupon unless either stock finishes below the 70% barrier level, in which case investors will receive a number of shares of the worse performing stock equal to the principal divided by the initial share price, or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Celgene Corp. and Amazon.com, Inc.
|
| Amount: | $2,264,000
|
| Maturity: | Dec. 21, 2017
|
| Coupon: | 10.5% per year, payable quarterly if both stocks close at or above barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final price of each stock is greater than or equal to barrier level, par plus final coupon; otherwise, a number of shares of worse-performing stock equal to the principal divided by the initial share price, or, at issuer’s option, cash equivalent
|
| Call: | At par plus contingent coupon if both stocks close at or above initial share price on any quarterly valuation date from March 2017 through September 2017
|
| Initial share prices: | $116.62 for Celgene, $757.77 for Amazon
|
| Barrier levels: | $81.634 for Celgene, $530.439 for Amazon, 70% of initial share prices
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 21
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17324XAN0
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
