New Issue: Citigroup prices $10.25 million noncallable fixed-to-floaters with 4% initial rate

By Toni Weeks

San Diego, Feb. 23 - Citigroup Funding Inc. priced $10.25 million of noncallable fixed-to-floating notes due Feb. 24, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 4% for the first two years. After that it will be equal to Libor plus 200 basis points, subject to a maximum interest rate of 5% from Feb. 24, 2014 through Feb. 23, 2016, 6% from Feb. 24, 2016 through Feb. 23, 2018 and 7% after that until maturity.

Interest is payable quarterly.

The payout at maturity will be par.

Citigroup Global Markets Inc. is the underwriter.

Issuer:	Citigroup Funding Inc.
Issue:	Noncallable fixed-to-floating notes
Amount:	$10.25 million
Maturity:	Feb. 24, 2020
Coupon:	4% for first two years; after that, Libor plus 200 basis points, subject to a maximum interest rate, which will be 5% from Feb. 24, 2014 through Feb. 23, 2016, 6% from Feb. 24, 2016 through Feb. 23, 2018 and 7% after that; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Feb. 21
Settlement date:	Feb. 24
Underwriter:	Citigroup Global Markets Inc.
Fees:	0.75%, used for selling concessions
Cusip:	1730T0WF2

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