By E. Janene Geiss
Philadelphia, March 27 - Citigroup Funding Inc. priced a $73.49 million issue of 8.5% Equity LinKed Securities (ELKS) due April 4, 2008 linked to the common stock of Chesapeake Energy Corp., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 in cash unless the share price of Chesapeake Energy closes at or below $24.61 - 80% of the initial share price - during the life of the ELKS, in which case the payout will be 0.32510 shares of Chesapeake Energy or, at the holder's option, the cash value.
The ELKS have been approved for listing on the American Stock Exchange under the symbol "ECC."
Citigroup Global Markets Inc. is agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | Chesapeake Energy Corp.
|
| Amount: | $73.49 million
|
| Maturity: | April 4, 2008
|
| Interest rate: | 8.5%
|
| Price: | Par of $10
|
| Payout at maturity: | 0.32510 Chesapeake Energy shares or the cash value if the company's share price hits $24.61 during the life of the ELKS; otherwise, par
|
| Initial share price: | $30.76
|
| Trigger price: | $24.61, 80% of initial share price
|
| Pricing date: | March 23
|
| Settlement date: | March 28
|
| Listing: | "ECC" on the American Stock Exchange
|
| Agent: | Citigroup Global Markets Inc.
|
| Agent fees: | 2.25%
|
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