By William Gullotti
Buffalo, N.Y., March 31 – Citigroup Global Markets Holdings Inc. priced $1.62 million of autocallable contingent coupon equity-linked securities due March 28, 2024 linked to the worst performing of the stocks of Crowdstrike Holdings, Inc. and Palo Alto Networks, 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 15% if each stock closes at or above its coupon barrier price, 60% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a contingent payment is made.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus all unpaid coupons. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s 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.
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Guarantor: | Citigroup Inc.
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Issue: | Autocallable contingent coupon equity-linked securities
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Underlying stocks: | Crowdstrike Holdings, Inc., Palo Alto Networks, Inc.
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Amount: | $1,619,000
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Maturity: | March 28, 2024
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Coupon: | 15% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par plus all unpaid coupons if each stock finishes at or above final barrier price; otherwise, investors will receive a number of shares of worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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Initial share prices: | $221.95 for Crowdstrike, $622.40 for Palo Alto
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Coupon barrier prices: | $133.17 for Crowdstrike, $373.44 for Palo Alto; 60% of initial share prices
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Final barrier prices: | $133.17 for Crowdstrike, $373.44 for Palo Alto; 60% of initial share prices
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Equity ratio: | 4.50552 for Crowdstrike, 1.60668 for Palo Alto; total per security
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Pricing date: | March 25
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Settlement date: | March 30
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17328N3E6
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