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Citigroup plans to price ELKS linked to Barrick Gold
By Laura Lutz
Des Moines, Jan. 10 - Citigroup Funding Inc. plans to price an issue of six-month Equity LinKed Securities (ELKS) linked to the common stock of Barrick Gold Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are expected to pay between 9.5% and 10.5%. The exact coupon will be determined at pricing.
The payout at maturity will be par of $10.00 in cash unless Barrick stock trades below the trigger price - expected to be about 80% of the initial share price - during the life of the notes, in which case the payout will be a number of Barrick shares equal to par of $10.00 divided by the initial share price.
Citigroup has applied to list the securities under "EAK" on the American Stock Exchange.
Citigroup Global Markets Inc. will be the agent.
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