Published on 8/25/2009 in the Prospect News Structured Products Daily.
New Issue: Citigroup Funding sells $82.61 million 11% ELKS linked to General Electric
By Susanna Moon
Chicago, Aug. 25 - Citigroup Funding Inc. priced $82.61 million of 11% Equity LinKed Securities due Sept. 22, 2010 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity will be par of $10.00 unless General Electric stock falls below the trigger price - 70% of the initial price - during the life of the notes, in which case investors will receive a number of General Electric shares equal to $10.00 divided by the initial price or, at the holder's option, the value of those shares in cash.
Citigroup Global Markets, Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $82.61 million
|
| Maturity: | Sept. 22, 2010
|
| Coupon: | 11%, payable semiannually
|
| Price: | Par of $10.00
|
| Payout at maturity: | If General Electric stock falls below the trigger price during the life of the notes, a number of General Electric shares equal to $10.00 divided by the initial price or, at the holder's option, the value of those shares in cash; otherwise, par
|
| Initial share price: | $14.20
|
| Trigger price: | $9.94, or 70% of initial price
|
| Pricing date: | Aug. 24
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| Settlement date: | Aug. 27
|
| Underwriter: | Citigroup Global Markets, Inc.
|
| Fees: | 2.25%
|
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