By Jennifer Chiou
New York, March 7 - Citigroup Funding Inc. priced $2.5 million of 11.4% annualized reverse convertible notes due Sept. 13, 2011 linked to the worst-performing of two stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Starwood Hotels & Resorts Worldwide Inc. and United States Steel Corp.
Interest is payable at maturity.
The payout at maturity will be par unless the final price of any of the stocks is less than 65% of its initial share price, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Reverse convertible notes
|
| Underlying stocks: | Starwood Hotels & Resorts Worldwide Inc. (Symbol: HOT) and United States Steel Corp. (Symbol: X)
|
| Amount: | $2.5 million
|
| Maturity: | Sept. 13, 2011
|
| Coupon: | 11.4%, payable at maturity
|
| Price: | Par
|
| Payout at maturity: | If the final price of any stock is less than its trigger price, a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price; otherwise, par
|
| Initial share prices: | $60.45 for Starwood and $56.79 for U.S. Steel
|
| Barrier prices: | For each stock, 65% of its initial price
|
| Pricing date: | March 3
|
| Settlement date: | March 10
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 1730T0LY3
|
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