Published on 4/26/2006 in the Prospect News Convertibles Daily.
New Issue: Citigroup prices $28 million 18.25% Elks exchangeable for Tenaris
By Angela McDaniels
Seattle, April 26 - Citigroup Funding Inc. priced $28 million of 18.25% Elks (equity-linked securities) due Oct. 27, 2006 linked to the American Depositary Receipts representing the ordinary shares of Tenaris SA, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Tenaris ADRs trade below a trigger price of $193.05, equal to 80% of the initial Tenaris ADR price, during the life of the notes. If the trigger is hit, the payout will be 0.04144 Tenaris ADRs.
| Issuer: | Citigroup Funding Inc.
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| Issue: | Elks (equity-linked securities) medium-term notes
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| Underlying security: | American Depositary Receipts representing the ordinary shares of Tenaris SA Amount: | $28 million
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| Maturity: | Oct. 27, 2006
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| Interest: | 18.25%
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| Price: | Par of $10.00
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| Payout at maturity: | Par in cash unless Tenaris ADRs trade below the trigger price, in which case 0.04144 Tenaris ADRs
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| Initial price: | $241.31
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| Trigger price: | $193.05, 80% of initial ADR price
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| Exchange ratio: | 0.04144 ADRs
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| Pricing date: | April 24
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| Settlement date: | April 27
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| Calculation agent: | Citigroup Global Markets Inc.
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