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Citigroup plans issue of ELKS exchangeable for Cemex
By Jennifer Chiou
New York, June 19 - Citigroup Funding Inc. plans to price Equity LinKed Securities (ELKS) due 2008 linked to the American Depositary Receipts representing the ordinary participation certificates of Cemex SA de CV, according to a 424B2 filing with the Securities and Exchange Commission.
The ELKS will pay a coupon of 8% to 9%.
At maturity, investors will receive par in cash unless Cemex ADRs trade below a trigger price during the life of the notes. If the trigger is hit, the payout will be a number of Cemex ADRs equal to the exchange ratio.
The trigger price is expected to be about 80% of the initial ADR price, and the exchange ratio will equal 10 divided by the initial ADR price.
Citigroup will be the underwriter.
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