Published on 3/29/2006 in the Prospect News Convertibles Daily.
New Issue: Citigroup prices $88.1 million 12.5% Elks exchangeable for Cemex
By Jennifer Chiou
New York, March 29 - Citigroup Funding Inc. priced $88.1 million of 12.5% Elks (equity-linked securities) due Oct. 2, 2006 linked to the American Depositary Receipts (ADRs) representing the ordinary participation certificates of Cemex SA de CV, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Cemex ADRs trade below a trigger price of $65.18, equal to 85% of the initial price Cemex ADRs, during the life of the notes. If the trigger is hit, the payout will be 0.15342 Cemex ADRs.
Issuer: | Citigroup Funding Inc.
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Issue: | Elks (equity-linked securities) medium-term notes
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Underlying security: | American Depositary Receipts representing the ordinary participation certificates of Cemex SA de CV
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Amount: | $88.1 million
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Maturity: | Oct. 2, 2006
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Interest: | 12.5%
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Price: | Par of $10.00
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Payout at maturity: | Par in cash unless Cemex ADRs trade below trigger price equal to 85% of the initial price Cemex ADRs, in which case 0.15342 Cemex ADRs
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Initial price: | $65.18
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Exchange ratio: | 0.15342
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Pricing date: | March 27
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Settlement date: | March 30
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Underwriter: | Citigroup
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