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Citigroup plans to price six-month 11%-13% ELKS linked to U.S. Steel
By Toni Weeks
San Luis Obispo, Calif., March 15 - Citigroup Inc. plans to price 11% to 13% annualized single observation Equity LinKed Securities due Oct. 3, 2013 linked to United States Steel Corp. 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 unless U.S. Steel shares fall below 80% of the initial price on the Sept. 30, 2013 valuation day, in which case the payout will be a number of shares of U.S. Steel stock equal to $10 divided by the initial price or, at the investor's option, an equivalent cash amount.
The notes (Cusip: 173095753) are expected to price March 28 and settle April 3.
Citigroup Global Markets Inc. is the underwriter.
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