By Marisa Wong
Madison, Wis., Feb. 25 - Citigroup Funding Inc. priced $1.77 million of 11% annualized Equity LinKed Securities due Aug. 24, 2011 based on the performance of J.C. Penney Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par of $10 unless J.C. Penney shares fall to or below 80% of the initial price during the life of the notes, in which case the payout will be a number of shares of J.C. Penney stock equal to $10 divided by the initial price or, at the investor's option, a cash amount equal to the value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | J.C. Penny Co.
|
| Amount: | $1.77 million
|
| Maturity: | Aug. 24, 2011
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless J.C. Penny shares fall below the protection price and finish below the initial price, in which case a number of J.C. Penny shares equal to $10 divided by the initial price
|
| Initial price: | $36.15
|
| Protection price: | $28.92, 80% of initial price
|
| Equity ratio: | 0.27663
|
| Pricing date: | Feb. 22
|
| Settlement date: | Feb. 25
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17316G396
|
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