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Citigroup plans to price 8%-10% ELKs linked to Schlumberger stock
By Angela McDaniels
Tacoma, Wash., Oct. 28 - Citigroup Funding Inc. plans to price Equity LinKed Securities due May 25, 2011 linked to the common stock of Schlumberger Ltd., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will carry an annualized coupon of 8% to 10%. The exact coupon will be set at pricing. Interest will be payable monthly.
The payout at maturity will be par of $10 unless Schlumberger shares fall to or below 80% of the initial price during the life of the notes, in which case the payout will be a number of shares of Schlumberger stock equal to $10 divided by the initial price or, at the investor's option, a cash amount equal to the value of those shares.
The securities (Cusip 17316G677) are expected to price Nov. 23 and settle three business days later.
Citigroup Global Markets Inc. is the underwriter.
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