By Angela McDaniels
Seattle, July 26 - Citigroup Funding Inc. priced a $67.335 million issue of Equity LinKed Securities (ELKS) due Feb. 5, 2008 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay 6.789% at maturity for an annualized rate of 13%.
The payout at maturity, in addition to interest, will be par of $10 unless Apple stock falls by 25% or more during the life of the notes, in which case the payout will be a number of Apple shares equal to $10 divided by the initial share price or, at the holder's option, the equivalent cash value.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | Apple Inc.
|
| Amount: | $67.335 million
|
| Maturity: | Feb. 5, 2008
|
| Coupon: | 13%, payable at maturity
|
| Price: | Par of $10
|
| Payout at maturity: | If Apple stock falls below the trigger price during the life of the notes, 0.0712 of Apple share or the equivalent cash value; otherwise, par
|
| Initial share price: | $134.91
|
| Trigger price: | $101.18, 75% of the initial share price
|
| Pricing date: | July 24
|
| Settlement date: | July 27
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
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