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Citigroup to price 10.5%-12.5% ELKS linked to Cemex
By Angela McDaniels
Tacoma, Wash., May 8 - Citigroup Funding Inc. plans to price Equity LinKed Securities (ELKS) due November 2008 linked to American Depositary Receipts of Cemex, SAB de CV, according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 5.25% to 6.25% for an annualized coupon of 10.5% to 12.5%, with the exact coupon to be set at pricing. Interest will be payable at maturity.
The payout at maturity, in addition to interest, will be par of $10 if Cemex ADRs remain above the trigger price - 75% of the initial share price - throughout the life of the notes. If not, the payout will be a number of Cemex ADRs equal to $10 divided by the initial share price or, at the holder's option, the equivalent value in cash.
The notes will price in May and settle three days later.
Citigroup Global Markets Inc. will be the underwriter.
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