Citigroup plans to sell 11%-12% ELKS linked to Freeport-McMoRan stock

By Susanna Moon

Chicago, Feb. 11 - Citigroup Funding Inc. plans to price 11% to 12% annualized Equity LinKed Securities due August 2010 based on the common stock of Freeport-McMoRan Copper and Gold Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable at maturity.

The payout at maturity will be par of $10.00 unless Freeport-McMoRan stock falls below the trigger price - 65% of the initial price - during the life of the notes, in which case investors will receive a number of Freeport-McMoRan shares equal to $10.00 divided by the initial price or, at the holder's option, the value of those shares in cash.

The notes are expected to price on Feb. 12 and settle three days later.

Citigroup Global Markets, Inc. is the underwriter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.