By Kiku Steinfeld
Chicago, Aug. 2 – Citigroup Global Markets Holdings Inc. priced $2.3 million of autocallable contingent coupon equity-linked securities due July 19, 2024 linked to the least performing of the stocks of Teladoc Health, Inc., Netflix, Inc. and Plug Power Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 15.8% per year if the least-performing stock closes at or above its coupon barrier value, 60% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing stock closes at or above its initial price on any quarterly autocall date after six months.
The payout at maturity will be par if all three stocks finish above 50% of their initial levels.
The payout at maturity will also be par if any single stock finishes above its initial level.
If no stock finishes above its initial level and any stock finishes below 50% of its initial level, investors will be fully exposed to the losses of the worst performer.
The notes are guaranteed by Citigroup Inc.
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., Netflix, Inc. and Plug Power Inc.
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| Amount: | $2,295,000
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| Maturity: | July 19, 2024
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| Coupon: | 15.8% per year, payable each quarter if least-performing stock closes at or above coupon barrier value on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par if all three stocks finish above their final barrier levels; par if any single stock finishes above its initial level; exposure to losses of the worst performer if no stock finishes above its initial level and any stock finishes below its final barrier level
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| Call: | Automatically at par if least-performing stock closes at or above initial share price on any quarterly valuation date after six months
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| Initial share prices: | $530.31 for Netflix, $26.01 for Plug, $146.78 for Teladoc
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| Coupon barriers: | $318.186 for Netflix, $15.606 for Plug, $88.068 for Teladoc; 60% of initial share prices
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| Final barriers: | $265.155 for Netflix, $13.005 for Plug, $73.390 for Teladoc; 50% of initial share prices
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.7%
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| Cusip: | 17329Q4Y3
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