By Jennifer Chiou
New York, June 25 - Citigroup Funding Inc. priced $5,675,000 of callable buffered range accrual notes due June 26, 2018 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 6.35% per year multiplied by the proportion of days on which the index closes at or above the accrual barrier level, which is 75% of the initial index level. Interest will be payable quarterly.
If the final index level is greater than or equal to the 75% buffer level, the payout at maturity will be par. Otherwise, investors will lose 1.3333% for every 1% that the index declines beyond 25%.
The notes are callable on any interest payment date beginning on June 29, 2015.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Callable buffered range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $5,675,000
|
| Maturity: | June 26, 2018
|
| Coupon: | 6.35% per year multiplied by proportion of days on which index closes at or above accrual barrier level; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is greater than or equal to 75% buffer level; otherwise, 1.3333% loss for every 1% that index declines beyond 25%
|
| Initial index level: | 963.68
|
| Accrual barrier level: | 722.76, 75% of initial share price
|
| Pricing date: | June 21
|
| Settlement date: | June 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 1730T0TS8
|
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