Citigroup plans issue of ELKS linked to Archer-Daniels-Midland

By Jennifer Chiou

New York, Oct. 30 - Citigroup Funding Inc. plans to price an issue of notes in the Equity LinKed Securities (ELKS) structure linked to the common stock of Archer-Daniels-Midland Co., according to an FWP filing with the Securities and Exchange Commission.

The one-year notes are expected to pay between 9% and 10%, payable semiannually. The exact coupon will be determined at pricing.

The payout at maturity will be par of $10.00 in cash unless Archer-Daniels-Midland stock trades below the trigger price - expected to be 80% of the initial share price - during the life of the notes, in which case the payout will be a number of Archer-Daniels-Midland shares equal to par of $10.00 divided by the initial share price.

Citigroup applied to list the securities under "EAM" on the American Stock Exchange.

Citigroup Global Markets Inc. will be the agent for the offering.

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