Published on 4/26/2006 in the Prospect News Convertibles Daily.
New Issue: Citigroup prices $35.8 million Pacers linked to Valero
New York, April 26 - Citigroup Funding Inc. priced $35.8 million of two-year Pacers (Premium mandatory Callable Equity-linked securities) based on Valero Energy Corp. common stock, according to a 424B2 document filed with the Securities and Exchange Commission.
| Issuer: | Citigroup Funding Inc.
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| Issue: | Pacers (Premium mandatory Callable Equity-linked securities)
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| Underlying security: | Valero Energy Corp.
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| Amount: | $35.8 million
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| Maturity: | April 28, 2008
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| Coupon: | 0%
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| Price: | Par of $10.00
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| Payout at maturity: | 0.17280 shares of Valero stock if Valero stock closes at $41.46 or less on any date, otherwise par in cash
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| Exchange price: | $57.87 (closing price of Valero stock on pricing date)
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| Exchange ratio: | 0.17280
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| Threshold price: | $41.46 (60% of initial price)
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| Call: | If Valero stock closes above $65.65 (95% of initial price) on any day in the three trading days starting Oct. 24, 2006, April 24, 2007, Oct. 24, 2007 and April 24, 2008; price of $10.65 in October 2006, $11.30 in April 2007, $11.95 in October 2007 and $12.60 in April 2008
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| Pricing date: | April 24
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| Settlement date: | April 27
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| Underwriter: | Citigroup
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| Listing: | "PCV" on American Stock Exchange
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