Citigroup plans 15.25%-16.25% reverse convertibles on Las Vegas Sands

By Marisa Wong

Madison, Wis., Nov. 9 - Citigroup Funding Inc. plans to price reverse convertible notes due June 14, 2011 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable at maturity and will equal 15.25% to 16.25% per year. The exact coupon will be set at pricing.

The payout at maturity will be par in cash unless Las Vegas Sands shares fall below 65% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Las Vegas Sands shares equal to $10 divided by the initial price.

The notes (Cusip: 17316G636) are expected to price and settle in November.

Citigroup Global Markets Inc. is the underwriter.

© 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.