By Angela McDaniels
Tacoma, Wash., Nov. 21 - Citigroup Funding Inc. priced a $79.33 million issue of 14% Equity LinKed Securities (ELKS) due Dec. 4, 2008 linked to the common stock of Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity will be par of $10.00 unless Morgan Stanley stock falls by 30% or more during the life of the securities, in which case the payout will be a number of Morgan Stanley shares equal to $10.00 divided by the initial share price or, at the holder's option, the equivalent cash value.
The company said the notes have been approved for listing on the American Stock Exchange under the symbol "EBB."
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | Morgan Stanley (NYSE: MS)
|
| Amount: | $79.33 million
|
| Maturity: | Dec. 4, 2008
|
| Coupon: | 14%, payable semiannually
|
| Price: | Par of $10.00
|
| Payout at maturity: | If Morgan Stanley stock falls to or below the buffer price during the life of the securities, 0.19829 of a Morgan Stanley share or, at the holder's option, the equivalent cash value; otherwise, par
|
| Initial share price: | $50.43
|
| Buffer price: | $35.30, 70% of the initial share price
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
| Listing: | Amex: EBB
|
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