Published on 10/27/2009 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $30.81 million 10% ELKS due 2010 linked to Schlumberger
By Susanna Moon
Chicago, Oct. 27 - Citigroup Funding Inc. priced $30.81 million of 10% Equity LinKed Securities due Nov. 24, 2010 linked to the common stock of Schlumberger Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity will be par of $10.00 unless Schlumberger stock falls below the trigger price - 70% of the initial price - during the life of the notes, in which case investors will receive a number of Schlumberger shares equal to $10.00 divided by the initial price or, at the holder's option, the value of those shares in cash.
Citigroup Global Markets, Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | Schlumberger Ltd. (NYSE: SLB)
|
| Amount: | $30.81 million
|
| Maturity: | Nov. 24, 2010
|
| Coupon: | 10%, payable semiannually
|
| Price: | Par of $10.00
|
| Payout at maturity: | If Schlumberger stock falls below the trigger price of 70% of the initial price during the life of the notes, 0.15337 Schlumberger shares or an equivalent amount in cash; otherwise, par
|
| Initial share price: | $65.20
|
| Trigger price: | $45.64, or 70% of initial price
|
| Pricing date: | Oct. 23
|
| Settlement date: | Oct. 28
|
| Underwriter: | Citigroup Global Markets, Inc.
|
| Fees: | 2.25%
|
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