By Toni Weeks
San Diego, Jan. 24 - Citigroup Inc. priced $15.65 million of 7% annualized single observation Equity LinKed Securities due July 25, 2013 linked to Cummins Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par of $10 in cash unless Cummins' stock finishes below the 80% downside threshold price, in which case the payout will be a number of Cummins shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | Cummins Inc. (Symbol: CMI)
|
| Amount: | $15.65 million
|
| Maturity: | July 25, 2013
|
| Coupon: | 7%, payable monthly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final price of Cummins stock is less than or equal to downside threshold price, 0.08639 Cummins shares or equivalent value in cash; otherwise, par
|
| Initial share price: | $115.75
|
| Threshold price: | $92.60, 80% of initial price
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 25
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17318Q285
|
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