Citigroup plans to price ELKS linked to Hess

By E. Janene Geiss

Philadelphia, May 18 - Citigroup Funding Inc. plans to price an issue of Equity LinKed Securities (ELKS) due 2008 linked to the common stock of Hess Corp., according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to pay between 8% and 9%. The exact coupon will be determined at pricing.

The payout at maturity will be par of $10 in cash unless Hess stock trades below the trigger price - expected to be about 80% of the initial share price - during the life of the notes, in which case the payout will be a number of Hess shares equal to par of $10 divided by the initial share price.

Citigroup has applied to list the securities under "EHJ" on the American Stock Exchange.

The notes are expected to price in June and settle three days later.

Citigroup Global Markets Inc. will be the agent.

© 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.