Citigroup plans 11.5%-13.5% single observation ELKS linked to Tesoro

By Angela McDaniels

Tacoma, Wash., April 24 - Citigroup Inc. plans to price 11.5% to 13.5% single observation Equity Linked Securities due Nov. 4, 2013 linked to the common stock of Tesoro Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly. The exact interest rate will be set at pricing.

If the final share price is at least 80% of the initial share price, the payout at maturity will be par of $10. If the final share price is less than 80% of the initial share price, the payout will be a number of Tesoro shares equal to $10 divided by the initial share price or, at the issuer's option, an amount in cash equal to the value of those shares.

Citigroup Global Markets Inc. is the underwriter.

The notes are expected to price April 30 and settle three business days later.

The Cusip number is 173095613.

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