Published on 9/27/2006 in the Prospect News Convertibles Daily and Prospect News Structured Products Daily.
New Issue: Citigroup sells $58.4 million 12% ELKS linked to Nucor
By Laura Lutz
Des Moines, Sept. 19 - Citigroup Funding Inc. priced $58.4 million of 12% Equity-LinKed Securities (ELKS) due Oct. 5, 2007 linked to Nucor Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
At maturity, investors will receive par in cash or, if Nucor stock drops below 72.5% of the initial level at any time during the life of the notes, 0.212 Nucor shares for each $10.00 ELKS.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity-LinKed Securities medium-term notes
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| Underlying security: | Nucor Corp.
|
| Amount: | $58.4 million
|
| Maturity: | Oct. 5, 2007
|
| Interest: | 12%, payable on April 5, 2007 and Oct. 5, 2007
|
| Price: | Par of $10.00
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| Payout at maturity: | Par or, if Nucor stock drops below 72.5% of the initial level at any time during the life of the notes, 0.212 Nucor shares for each $10.00 ELKS
|
| Initial share price: | $47.17
|
| Trigger price: | $34.20, 72.5% of initial price
|
| Pricing date: | Sept. 25
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| Settlement date: | Sept. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Symbol: | Amex: EKN
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