Published on 11/23/2009 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $8.83 million 14% ELKS linked to Research In Motion
By Susanna Moon
Chicago, Nov. 23 - Citigroup Funding Inc. priced $8.83 million of 14% Equity LinKed Securities due May 26, 2010 linked to the common stock of Research In Motion Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable at maturity.
The payout at maturity will be par of $10.00 unless Research In Motion stock falls below the trigger price - 75% of the initial price - during the life of the notes, in which case investors will receive a number of Research In Motion shares equal to $10.00 divided by the initial price or, at the holder's option, the value of those shares in cash.
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: | Research In Motion Ltd. (Nasdaq: RIMM)
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Amount: | $8.83 million
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Maturity: | May 26, 2010
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Coupon: | 14%, payable at maturity
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Price: | Par of $10.00
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Payout at maturity: | If Research In Motion stock falls below the trigger price during the life of the notes, 0.16745 Research In Motion shares or an equivalent amount in cash; otherwise, par
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Initial share price: | $59.72
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Trigger price: | $44.79, or 75% of initial price
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Pricing date: | Nov. 20
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Settlement date: | Nov. 25
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Underwriter: | Citigroup Global Markets, Inc.
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Fees: | 1.25%
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