By Angela McDaniels
Tacoma, Wash., March 25 - Citigroup Funding Inc. priced $7.12 million of 0.25% notes due March 30, 2015 exchangeable for the cash value of Google Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Each note is exchangeable for 1.50519 shares of Google stock at the holder's option beginning April 29. Google stock must appreciate by 20.75% from its initial price, $550.20, in order for the value of 1.50519 shares to equal par.
The issuer can redeem the notes beginning March 24, 2013. If the notes are called, holders will receive the cash value of 1.50519 shares of Google stock, subject to a floor of par.
If the notes are not previously called or exchanged, the payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Exchangeable notes
|
| Underlying stock: | Google Inc. (Nasdaq: GOOG)
|
| Amount: | $7.12 million
|
| Maturity: | March 30, 2015
|
| Coupon: | 0.25%, payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Exchange option: | For cash value of 1.50519 shares of Google stock from April 29 onward
|
| Call option: | For cash value of 1.50519 shares of Google stock, subject to floor of par, from March 24, 2013 onward
|
| Initial stock price: | $550.20
|
| Pricing date: | March 24
|
| Settlement date: | March 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 17314VAB2
|
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