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Citigroup plans to price 14%-16% ELKS linked to SunTrust Banks
By Angela McDaniels
Tacoma, Wash., June 2 - Citigroup Funding Inc. plans to price Equity LinKed Securities due December 2010 linked to the common stock of SunTrust Banks, Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will carry an annualized coupon of 14% to 16%, with the exact rate to be set at pricing. Interest will be paid monthly.
If the price of SunTrust Banks stock declines by 25% or more during the life of the notes, the payout at maturity will be a number of SunTrust Banks shares equal to par divided by the initial share price or, at each holder's option, the value of those shares in cash. Otherwise, the payout will be par.
The notes are expected to price June 25 and settle three business days later.
Citigroup Global Markets Inc. is the underwriter.
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