Published on 10/25/2007 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $83.82 million of 10.5% ELKS linked to GM
By Angela McDaniels
Seattle, Oct. 25 - Citigroup Funding Inc. priced an $83.82 million issue of 10.5% Equity LinKed Securities (ELKS) due Nov. 6, 2008 linked to the common stock of General Motors Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity will be par of $10 unless GM stock falls by 45% or more during the life of the securities, in which case the payout will be a number of GM shares equal to $10 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 Motors Corp. (NYSE: GM)
|
| Amount: | $83.82 million
|
| Maturity: | Nov. 6, 2008
|
| Coupon: | 10.5%, payable semiannually
|
| Price: | Par of $10
|
| Payout at maturity: | If GM stock falls to or below the downside threshold price during the life of the securities, 0.26076 of a GM share or, at the holder's option, the equivalent cash value; otherwise, par
|
| Initial share price: | $38.38
|
| Downside threshold price: | $21.09, 55% of the initial share price
|
| Pricing date: | Oct. 23
|
| Settlement date: | Oct. 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
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