Citi plans non-callable floaters due 2016 with 5% cap, step-up floor

By Susanna Moon

Chicago, April 9 - Citigroup Funding Inc. plans to price non-callable floating-rate notes due April 27, 2016, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be Libor plus 125 basis points, up to a maximum annualized rate of 5% in any interest period. The minimum rate will be 1.5% to but excluding April 27, 2013, 1.75% to April 27, 2014, 2% to April 27, 2015 and 2.25% after that until maturity. Interest will be payable quarterly.

The payout at maturity will be par.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on April 24 and settle three days later.

The Cusip number is 1730T0WY1.

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