By Jennifer Chiou
New York, Aug. 24 - Citigroup Funding Inc. priced a $13 million issue of callable Libor range accrual notes due Aug. 28, 2017, according to a 424B2 filing with the Securities and Exchange Commission.
Interest on the notes is variable and is based upon six-month Libor. For each calendar day that six-month Libor is less than or equal to 7%, the notes will bear interest at 8% per year. On each day that six-month Libor is greater than 7%, no interest will accrue.
Interest, if applicable, will be payable quarterly.
The notes are callable at par plus accrued interest on any interest payment date beginning Feb. 28, 2008.
If the notes are not called, the payout at maturity will be par plus accrued interest, if any.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Callable Libor range accrual notes
|
| Underlying interest rate: | Six-month Libor
|
| Amount: | $13 million
|
| Maturity: | Aug. 28, 2017
|
| Coupon: | For each day that six-month Libor is 7% or less, interest will accrue at 8%; no interest will accrue on days that six-month Libor is above 7%; payable quarterly
|
| Price: | Par
|
| Callable: | At par plus accrued interest, if any, beginning Feb. 28, 2008
|
| Payout at maturity: | Par plus accrued interest, if any
|
| Pricing date: | Aug. 22
|
| Settlement date: | Aug. 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | None
|
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