By Susanna Moon
Chicago, Jan. 18 - Citigroup Funding Inc. priced $34.73 million of 10% Equity LinKed Securities (ELKS) due Jan. 22, 2009 linked to the common stock of Fannie Mae, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable semi-annually.
If the trading price of Fannie Mae stock stays above the trigger price - 50% of the initial share price - during the life of the notes, the payout at maturity will be par.
Otherwise, the payout will be a number of Fannie Mae shares equal to par divided by the initial share price.
Citigroup said it will list the ELKS on the American Stock Exchange under the symbol "EJC."
Citigroup Global Markets Inc. will be the agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | Fannie Mae (NYSE: FNM)
|
| Amount: | $34.73 million
|
| Maturity: | Jan. 22, 2009
|
| Coupon: | 10%, payable semiannually
|
| Price: | Par of $10
|
| Payout at maturity: | If the stock falls to or below the trigger price during the life of the securities, 0.26810 Fannie Mae shares or, at the holder's option, the equivalent cash value; otherwise, par
|
| Initial share price: | $37.30
|
| Trigger price: | $18.65, 50% of the initial share price
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 22
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
| Listing: | Amex: EJC
|
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