By Jennifer Chiou
New York, May 25 - Citigroup Funding Inc. priced a $57.2 million issue of 8% Equity LinKed Securities (ELKS) due June 6, 2008 linked to the common stock of Lowe's Cos., Inc., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10.00 in cash unless the share price of Lowe's closes at or below $25.43 - 80% of the initial share price - during the life of the ELKS, in which case the payout will be 0.31456 shares of Lowe's or, at the holder's option, the cash value.
The total coupon of $0.8156 will be composed of interest in the amount of $0.5364 and an option premium in the amount of $0.2792.
The ELKS have been approved for listing on the American Stock Exchange under the symbol "EAN."
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | Lowe's Cos., Inc.
|
| Amount: | $57.2 million
|
| Maturity: | June 6, 2008
|
| Coupon: | 8%, payable semiannually
|
| Price: | Par of $10.00
|
| Payout at maturity: | 0.31456 Lowe's shares or the cash value if the company's share price hits $25.43 during the life of the ELKS; otherwise, par
|
| Initial share price: | $31.79
|
| Trigger price: | $25.43, 80% of initial share price
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
| Listing: | "EAN" on the American Stock Exchange
|
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