New Issue: Citigroup prices $69.49 million callable step-up range accrual notes on S&P 500, Libor

By Jennifer Chiou

New York, March 30 - Citigroup Funding Inc. priced $69.49 million of callable step-up range accrual notes due April 1, 2026 linked to the S&P 500 index and Libor-BBA, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 7% for the first five years. Beginning April 1, 2016, the interest rate will be the per-year rate multiplied by the proportion of days on which the S&P 500 closes at or above 900 and Libor-BBA is 6.5% or less. The initial per-year rate is 10%, and it will step up to 15% on April 1, 2021. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning on April 1, 2012.

Citigroup Global Markets Inc. is the underwriter.

Issuer:	Citigroup Funding Inc.
Issue:	Callable step-up range accrual notes
Underlying assets:	S&P 500 and Libor-BBA
Amount:	$69,489,000
Maturity:	April 1, 2026
Coupon:	7% for first five years; beginning April 1, 2016, interest will be the per-year rate multiplied by the proportion of days on which the S&P 500 closes at or above 900 and Libor-BBA is 6.5% or less; initial per-year rate is 10%, stepping up to 15% on April 1, 2021; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning on April 1, 2012
Pricing date:	March 28
Settlement date:	March 31
Underwriter:	Citigroup Global Markets Inc.
Fees:	3.5%
Cusip:	1730T0LZ0

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.