By Marisa Wong
Madison, Wis., Sept. 28 - Citigroup Funding Inc. priced $23.85 million of 10% annualized Equity LinKed Securities due March 23, 2011 linked to the common stock of Chesapeake Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the closing price of Chesapeake stock falls by 20% or more during the life of the notes, the payout at maturity will be a number of Chesapeake shares equal to par of $10 divided by the initial share price or, at each holder's option, the value of those shares in cash. Otherwise, the payout will be par.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
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Issue: | Equity LinKed Securities
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Underlying stock: | Chesapeake Energy Corp. (NYSE: CHK)
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Amount: | $23.85 million
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Maturity: | March 23, 2011
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Coupon: | 10% per year, payable at maturity
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Price: | Par of $10
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Payout at maturity: | If shares falls to or below downside threshold price during life of notes, 0.46382 Chesapeake shares or value thereof in cash; otherwise, par
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Initial price: | $21.56
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Downside threshold price: | $17.25, or 80% of initial price
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Pricing date: | Sept. 24
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Settlement date: | Sept. 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17316G859
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