By Jennifer Chiou
New York, May 30 - Citigroup Funding Inc. priced $1.75 million of autocallable contingent coupon equity-linked securities due June 3, 2016 linked to the worst performing of the common stock of Caterpillar Inc., the class C capital stock of Google Inc. and the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 12.5% each quarter if the closing price of the worst-performing stock is equal to or greater than the barrier price, 75% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that quarter.
The notes will be automatically called at par plus the contingent coupon if the closing price of the worst-performing stock is greater than or equal to the initial share price on any quarterly valuation date prior to the final date.
If the notes are not automatically called, the payout at maturity will be par if the final share price of the worst-performing stock is greater than or equal to the barrier price. If the final share price of the worst-performing stock is less than the barrier price, investors will receive a number of shares equal to the principal amount of notes divided by the initial share price of that stock or the cash value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Caterpillar Inc. (NYSE: CAT); Google Inc. (NYSE: GOOG); Bank of America Corp. (NYSE: BAC)
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| Amount: | $1.75 million
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| Maturity: | June 3, 2016
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| Coupon: | 12.5%, payable quarterly, if the closing price of the worst-performing stock is equal to or greater than barrier price; otherwise, no coupon paid for that quarter
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| Price: | Par
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| Payout at maturity: | Par in cash unless the worst-performing stock finishes below barrier price, in which case shares equal to the principal amount of notes divided by the initial share price of that stock or the cash value of those shares
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| Call: | At par plus contingent coupon if the closing price of the worst-performing stock is greater than or equal to initial share price on any quarterly valuation date prior to the final date
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| Initial share prices: | $102.91 for Caterpillar; $561.68 for Google; $15.14 for BofA
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| Barrier prices: | $77.18 for Caterpillar; $421.26 for Google; $11.36 for BofA, 75% of initial share prices
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| Pricing date: | May 28
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| Settlement date: | May 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.1%
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| Cusip: | 1730T0R43
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