New York, Feb. 25 - Salomon Smith Barney issued $85 million of Targeted Growth Enhanced Term Securities (Targets) linked to the common stock of The Walt Disney Co., according to a filing with the Securities and Exchange Commission.
The securities, issued through Targets Trust XIV, are guaranteed by Salomon Smith Barney Holdings Inc. and were priced on Feb. 21 by Salomon Smith Barney.
The payout at maturity will be the $10 principal amount multiplied by the stock return. The stock return is compounded monthly, with calculations made on the 21st of each month, but capped so that the gain is no more than 5% in any month. There is no limit to the downside. The calculation starts from the $23.73 closing price of Disney stock on the pricing date.
Issuer: | Targets Trust XIV
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Amount: | $85 million (8.5 million securities)
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Maturity: | Feb. 15, 2005
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Price: | Par of $10
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Coupon: | 9% payable quarterly beginning May 15, 2002 (short first coupon)
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Payout at maturity: | Return on Disney stock, compounded monthly and capped at a gain of no more than 5% in any month
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Settlement: | Feb. 26
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Listing: | "TDN" on American Stock Exchange
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