Published on 9/19/2007 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $48.73 million 8.75% ELKS linked to GE
By Angela McDaniels
Seattle, Sept. 19 - Citigroup Funding Inc. priced a $48.73 million issue of 8.75% Equity LinKed Securities (ELKS) due March 27, 2008 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable at maturity.
The payout at maturity, in addition to interest, will be par unless GE stock falls by 15% or more during the life of the securities, in which case the payout will be a number of GE shares equal to $10.00 divided by the initial share price or, at the holder's option, the equivalent cash value.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
|
Issue: | Equity LinKed Securities (ELKS)
|
Underlying stock: | General Electric Co. (NYSE: GE)
|
Amount: | $48.73 million
|
Maturity: | March 27, 2008
|
Coupon: | 8.75%, payable at maturity
|
Price: | Par of $10.00
|
Payout at maturity: | If GE stock falls to or below the downside threshold price during the life of the securities, 0.24888 of a GE share or, at the holder's option, the equivalent cash value; otherwise, par
|
Initial share price: | $40.18
|
Downside threshold price: | $34.15, 85% of the initial share price
|
Pricing date: | Sept. 17
|
Settlement date: | Sept. 20
|
Underwriter: | Citigroup Global Markets Inc.
|
Fees: | 1.25%
|
© 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.