By Jennifer Chiou
New York, May 13 - Citigroup Funding Inc. priced $11.98 million of 5% annualized Equity LinKed Securities (ELKS) due Nov. 14, 2008 linked to KB Home stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
Each note has a principal amount of $23.6557, equal to the initial price of KB Home stock.
If the stock finishes below its initial level but stays at or above the trigger level - about 62% of the initial level - during the life of the notes, the payout at maturity will be par.
Otherwise, the payout will be a cash amount equal to the final share price, subject to a cap in the final share price equal to 138% of the initial price.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | KB Home (Symbol: KBH)
|
| Amount: | $11,979,246
|
| Maturity: | Nov. 14, 2008
|
| Coupon: | 5%, payable quarterly
|
| Price: | Par of $23.6557
|
| Payout at maturity: | Par if KB Home stock finishes below initial price but stays at or above trigger price during life of notes; otherwise, cash amount equal to final price, capped at $32.6449 per note
|
| Initial price: | $23.6557
|
| Trigger price: | $14.67, about 62% of initial price
|
| Cap price: | $32.6449, about 138% of initial price
|
| Pricing date: | May 9
|
| Settlement date: | May 16
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 0%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
