Published on 9/19/2007 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $46.88 million 8.75% ELKS linked to American Express
By Jennifer Chiou
New York, Sept. 19 - Citigroup Funding Inc. priced a $46.88 million issue of 8.75% Equity LinKed Securities (ELKS) due Sept. 25, 2008 linked to the common stock of American Express Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity is par unless American Express stock falls by 20% or more during the life of the securities, in which case the payout will be a number of American Express shares equal to $10.00 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: | American Express Co. (NYSE: AXP)
|
| Amount: | $46.88 million
|
| Maturity: | Sept. 25, 2008
|
| Coupon: | 8.75%, payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par unless American Express stock falls by 20% or more during the life of the notes, in which case the payout will be a number of American Express shares equal to $10.00 divided by the initial share price or, at the holder's option, the equivalent cash value
|
| Initial share price: | $58.20
|
| Downside threshold price: | $46.56, 80% of the initial share price
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 20
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
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