By Susanna Moon
Chicago, April 25 - Citigroup Funding Inc. priced a $68.93 million issue of 10.75% Equity LinKed Securities (ELKS) due May 7, 2009 linked to the common stock of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
Payout at maturity will be par of $10 unless Valero stock closes at or below the trigger price - 70% of the initial share price - during the life of the ELKS, in which case the payout will be a number of Valero shares equal to par divided by the initial share price or, at the holder's option, the cash value.
The ELKS have been approved for listing on the American Stock Exchange under the symbol "ELJ."
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | Valero Energy Corp. (NYSE: VLO)
|
| Amount: | $68.93 million
|
| Maturity: | May 7, 2009
|
| Interest rate: | 10.75%, payable semiannually
|
| Price: | Par of $10
|
| Payout at maturity: | If the stock dips below its trigger price during the life of the ELKS, 0.19157 Valero shares or the cash value; otherwise, par
|
| Initial share price: | $52.20
|
| Trigger price: | $36.54, 70% of initial price
|
| Pricing date: | April 23
|
| Settlement date: | April 28
|
| Listing: | "ELJ" on the American Stock Exchange
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
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