By Jennifer Chiou
New York, Sept. 28 - Citigroup Funding, Inc. priced $41.42 million of Libor and S&P 500 index-linked range accrual notes due Sept. 30, 2025, according to an FWP with the Securities and Exchange Commission.
The interest rate will be 9% for the first year. Beginning in Sept. 30, 2011, the interest rate will be 9% per year multiplied by the proportion of days on which Libor is 6.5% or less and the S&P 500's closing level is at least 875. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Sept. 30, 2011.
Citigroup Global Markets Inc. is the underwriter. It paid all selling concessions to Morgan Stanley Smith Barney LLC.
| Issuer: | Citigroup Funding, Inc.
|
| Issue: | Range accrual notes
|
| Underlying assets: | Libor and S&P 500
|
| Amount: | $41,422,000
|
| Maturity: | Sept. 30, 2025
|
| Coupon: | 9% for first year; then 9% per year times the proportion of days on which Libor is 6.5% or less and the S&P 500's closing level is at least 875; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning Sept. 30, 2011
|
| Pricing date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 17308CQL3
|
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