Citigroup plans to price 11%-13% ELKS linked to United States Steel

By Angela McDaniels

Tacoma, Wash., May 12 - Citigroup Funding Inc. plans to price 11% to 13% Equity LinKed Securities due June 22, 2011 linked to the common stock of United States Steel Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If the price of United States Steel stock declines by 30% or more during the life of the notes, the payout at maturity will be a number of United States Steel 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 May 25 and settle three business days later.

Citigroup Global Markets Inc. is the underwriter.

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