Published on 10/27/2009 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $44.36 million 9% ELKS due 2010 linked to Wells Fargo
By Susanna Moon
Chicago, Oct. 27 - Citigroup Funding Inc. priced $44.36 million of 9% Equity LinKed Securities due Nov. 24, 2010 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity will be par of $10.00 unless Wells Fargo stock falls below the trigger price - 65% of the initial price - during the life of the notes, in which case investors will receive a number of Wells Fargo shares equal to $10.00 divided by the initial price or, at the holder's option, the value of those shares in cash.
Citigroup Global Markets, Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
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Issue: | Equity LinKed Securities
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Underlying stock: | Wells Fargo & Co. (NYSE: WFC)
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Amount: | $44.36 million
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Maturity: | Nov. 24, 2010
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Coupon: | 9%, payable semiannually
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Price: | Par of $10.00
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Payout at maturity: | If Wells Fargo stock falls below the trigger price of 65% of the initial price during the life of the notes, 0.34106 Wells Fargo shares or an equivalent amount in cash; otherwise, par
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Initial share price: | $29.32
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Trigger price: | $19.06, or 65% of initial price
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Pricing date: | Oct. 23
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Settlement date: | Oct. 28
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Underwriter: | Citigroup Global Markets, Inc.
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Fees: | 2.25%
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