Published on 10/25/2006 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $18.2 million 15.75% ELKS linked to Toll Brothers
By Laura Lutz
Des Moines, Oct. 25 - Citigroup Funding Inc. priced $18.2 million of 15.75% Equity-LinKed Securities (ELKS) due April 26, 2007 linked to Toll Brothers, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
At maturity, investors will receive par in cash or, if Toll Brothers stock drops below 77.5% of the initial level at any time during the life of the notes, 0.34294 Toll Brothers shares for each $10.00 ELKS.
Issuer: | Citigroup Funding Inc.
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Issue: | Equity-LinKed Securities medium-term notes
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Underlying security: | Toll Brothers, Inc.
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Amount: | $18.2 million
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Maturity: | April 26, 2007
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Interest: | 15.75%, payable semi-annually
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Price: | Par of $10.00
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Payout at maturity: | Par or, if Toll Brothers stock drops below 77.5% of the initial level at any time during the life of the notes, 0.34294 Toll Brothers shares for each $10.00 ELKS
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Initial share price: | $29.16
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Trigger price: | $22.23, 77.5% of initial price
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Pricing date: | Oct. 23
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Settlement date: | Oct. 26
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Underwriter: | Citigroup Global Markets Inc.
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Agent's fee: | 1.25%
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