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Citigroup plans to price ELKS linked to SanDisk
By Jennifer Chiou
New York, May 17 - Citigroup Funding Inc. plans to price Equity LinKed Securities (ELKS) due 2007 linked to the common stock of SanDisk Corp., according to an FWP filing with the Securities and Exchange Commission.
The notes are expected to pay an annualized coupon of between 12% and 13%. The exact coupon will be determined at pricing.
The payout at maturity will be par of $10.00 in cash unless SanDisk stock trades below the trigger price - expected to be about 75% of the initial share price - during the life of the notes, in which case the payout will be a number of SanDisk shares equal to par of $10.00 divided by the initial share price.
The notes are expected to price in June and settle three days later.
Citigroup Global Markets Inc. will be the agent.
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