Published on 4/26/2007 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $26.005 million 13.25% ELKS linked to Toll Brothers
By Jennifer Chiou
New York, April 26 - Citigroup Funding Inc. priced a $26.005 million offering of 13.25% annualized Equity LinKed Securities (ELKS) due Nov. 5, 2007 linked to the common stock of Toll Brothers, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Toll Brothers stock decline by 22.5% or more during the life of the notes, in which case a number of Toll Brothers shares equal to the equity ratio, which is 0.33979 shares per ELKS.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | Toll Brothers, Inc.
|
| Amount: | $26.005 million
|
| Maturity: | Nov. 5, 2007
|
| Interest: | 13.25% annualized, payable at maturity
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par unless Toll Brothers stock decline by 22.5% or more during the life of the notes, in which case a number of Toll Brothers shares equal to the equity ratio, which is 0.33979 shares per ELKS
|
| Initial share price: | $29.43
|
| Downside threshold price: | $22.81, 77.5% of the initial price
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| Equity ratio: | 0.33979 Toll Brothers shares per security
|
| Pricing date: | April 24
|
| Settlement date: | April 27
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
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