By Susanna Moon
Chicago, Oct. 27 - Citigroup Funding Inc. priced $6.62 million of 12% Equity LinKed Securities due Nov. 5, 2009 linked to the common stock of Honeywell International Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
Payout at maturity will be par of $10 unless Honeywell stock falls by 50% or more during the life of the notes, in which case investors will receive a number of Honeywell shares equal to $10 divided by the initial share price or, at the holder's option, the equivalent cash value.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
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Issue: | Equity LinKed Securities
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Underlying stock: | Honeywell International Inc. (NYSE: HON)
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Amount: | $6.62 million
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Maturity: | Nov. 5, 2009
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Coupon: | 12%, payable semiannually
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Price: | Par of $10.00
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Payout at maturity: | If stock falls below trigger price during life of notes, 0.34626 Honeywell shares or the equivalent cash value; otherwise, par
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Initial share price: | $28.88
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Trigger price: | $14.44, or 50% of the initial share price
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Pricing date: | Oct. 23
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Settlement date: | Oct. 28
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.25%
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