By Toni Weeks
San Diego, June 27 - Citigroup Funding Inc. priced $1.13 million of autocallable contingent coupon equity-linked securities due June 28, 2013 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 8% each quarter if the closing price of GE shares is equal to or greater than the downside threshold price, 80% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that quarter.
The notes will be automatically called at par plus the contingent coupon if the closing price of the underlying shares on any of the first three quarterly valuation dates is greater than or equal to the initial share price.
If the notes are not automatically called, the payout at maturity will be par if the final share price is greater than or equal to the downside threshold price. If the final share price is less than the downside threshold price, investors will receive a number of shares equal to the principal amount of notes divided by the initial share price or the cash value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stock: | General Electric (Symbol: GE)
|
| Amount: | $1,134,000
|
| Maturity: | June 28, 2013
|
| Coupon: | 8%, payable quarterly, if the closing price of General Electric shares is equal to or greater than downside threshold price; otherwise, no coupon paid for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless General Electric shares finish below downside threshold price, in which case 51.22951 shares of General Electric stock or equivalent amount in cash
|
| Call: | At par plus contingent coupon if closing share price on first three quarterly valuation dates is greater than or equal to initial share price
|
| Initial share price: | $19.52
|
| Downside threshold price: | $15.16, 80% of initial share price
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 1730T0XV6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
