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Citigroup plans to price 10%-12% ELKS linked to Wynn Resorts
By Angela McDaniels
Tacoma, Wash., May 12 - Citigroup Funding Inc. plans to price 10%-12% Equity LinKed Securities due June 22, 2011 linked to the common stock of Wynn Resorts, Ltd., according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid monthly.
If the price of Wynn Resorts stock declines by 30% or more during the life of the notes, the payout at maturity will be a number of Wynn Resorts 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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