Published on 10/27/2010 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $11.25 million of 8% ELKS tied to Best Buy stock
By Marisa Wong
Madison, Wis., Oct. 27 - Citigroup Funding Inc. priced $11.25 million of 8% annualized Equity LinKed Securities due April 20, 2011 linked to the common stock of Best Buy Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the closing price of Best Buy stock falls by 20% or more during the life of the notes, the payout at maturity will be a number of Best Buy shares equal to par of $10 divided by the initial share price or, at each holder's option, the value of those shares in cash. Otherwise, the payout will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | Best Buy Co., Inc. (NYSE: BBY)
|
| Amount: | $11.25 million
|
| Maturity: | April 20, 2011
|
| Coupon: | 8% per year, payable monthly
|
| Price: | Par of $10
|
| Payout at maturity: | If shares falls to or below downside threshold price during life of notes, 0.23213 Best Buy shares or value thereof in cash; otherwise, par
|
| Initial price: | $43.08
|
| Downside threshold price: | $34.464, or 80% of initial price
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17316G750
|
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