By Angela McDaniels
Tacoma, Wash., Dec. 28 - Citigroup Funding Inc. priced $35.42 million of 8% Equity LinKed Securities due Jan. 26, 2011 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If General Electric stock falls to or below the downside threshold price during the life of the notes, the payout at maturity will be a number of General Electric shares equal to par of $10 divided by the initial share price or, at each holder's option, the value of those shares in cash. Otherwise, the payout will be par.
Citigroup Global Markets Inc. is the underwriter. It will pay a selling concession to Morgan Stanley Smith Barney LLC.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $35.42 million
|
| Maturity: | Jan. 26, 2011
|
| Coupon: | 8%, payable monthly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If General Electric stock falls to or below the downside threshold price during the life of the notes 0.64893 General Electric shares or the equivalent in cash; otherwise, par
|
| Initial share price: | $15.41
|
| Downside threshold price: | $11.558, 75% of initial price
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 29
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 2%
|
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