Published on 3/29/2011 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $111.37 million 12% ELKS linked to United States Steel
New York, March 29 - Citigroup Funding Inc. priced $111.37 million of 12% Equity LinKed Securities due Sept. 21, 2011 linked to the common stock of United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price of $41.26, 75% of the initial price of $55.02, during the life of the notes and finish below the initial price in which case the payout will be 0.18175 shares of U.S. Steel stock.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | U.S. Steel Corp.
|
| Amount: | $111.37 million
|
| Maturity: | Sept. 21, 2011
|
| Coupon: | 12%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless U.S. Steel shares fall below the protection price of $41.26, 75% of the initial price, and finish below the initial price, in which case 0.18175 shares of U.S. Steel stock
|
| Initial price: | $55.02
|
| Protection price: | $41.26, 75% of $55.02
|
| Exchange ratio: | 0.18175
|
| Pricing date: | March 25
|
| Settlement date: | March 30
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17316G271
|
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