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Citigroup to price six-month 10%-12% ELKS on Cliffs Natural Resources
By Toni Weeks
San Luis Obispo, Calif., Feb. 6 - Citigroup Inc. plans to price 10% to 12% annualized single observation Equity LinKed Securities due Sept. 2, 2014 tied to Cliffs Natural Resources 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 unless Cliffs Natural Resources shares fall below 70% of the initial price on the Aug. 27, 2014 valuation day, in which case the payout will be a number of shares of Cliffs Natural Resources stock equal to $1,000 divided by the initial price or, at the issuer's option, an equivalent cash amount.
The notes (Cusip: 1730T0J42) are expected to price Feb. 27 and settle three business days later.
Citigroup Global Markets Inc. is the underwriter.
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