Published on 4/21/2011 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $7 million three-month 11.25% ELKS tied to LDK Solar
By Toni Weeks
San Diego, April 21 - Citigroup Funding Inc. priced $7 million of 11.25% annualized Equity LinKed Securities due July 22, 2011 linked to the American Depository Shares of LDK Solar Co., Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par of $10 unless the price of LDK shares falls to or below 60% of the initial price during the life of the notes, in which case the payout will be a number of LDK shares equal to $10 divided by the initial price or a cash amount equal to the value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying ADS: | LDK Solar Co., Ltd. (Symbol: LDK)
|
| Amount: | $7 million
|
| Maturity: | July 22, 2011
|
| Coupon: | 11.25%, payable monthly
|
| Price: | Par of $10
|
| Payout: | Par in cash, unless LDK shares fall below the downside threshold price, in which case a number of LDK shares equal to $10 divided by initial price
|
| Initial price: | $10.78
|
| Downside threshold price: | $6.47, 60% of initial price
|
| Equity ratio: | 0.92764
|
| Pricing date: | April 19
|
| Settlement date: | April 25
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17316G131
|
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