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Citigroup Funding plans to price 14.5%-15% ELKS tied to SanDisk stock
By Marisa Wong
Madison, Wis., July 16 - Citigroup Funding Inc. plans to price 14.5% to 15% annualized Equity LinKed Securities due Jan. 24, 2011 linked to the common stock of SanDisk Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid at maturity. The exact coupon will be set at pricing.
If the price of SanDisk stock falls by 40% or more during the life of the notes, the payout at maturity will be a number of SanDisk shares equal to par of $10 divided by the initial share price or, at each holder's option, the value of those shares in cash. Otherwise, the payout will be par.
The notes are expected to price and settle in July.
Citigroup Global Markets Inc. is the underwriter.
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