Published on 9/19/2007 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $48.73 million 8.75% ELKS linked to GE
By Angela McDaniels
Seattle, Sept. 19 - Citigroup Funding Inc. priced a $48.73 million issue of 8.75% Equity LinKed Securities (ELKS) due March 27, 2008 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable at maturity.
The payout at maturity, in addition to interest, will be par unless GE stock falls by 15% or more during the life of the securities, in which case the payout will be a number of GE shares equal to $10.00 divided by the initial share price or, at the holder's option, the equivalent cash value.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $48.73 million
|
| Maturity: | March 27, 2008
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| Coupon: | 8.75%, payable at maturity
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| Price: | Par of $10.00
|
| Payout at maturity: | If GE stock falls to or below the downside threshold price during the life of the securities, 0.24888 of a GE share or, at the holder's option, the equivalent cash value; otherwise, par
|
| Initial share price: | $40.18
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| Downside threshold price: | $34.15, 85% of the initial share price
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 20
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
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