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Citigroup plans to price ELKS linked to Yahoo!
By E. Janene Geiss
Philadelphia, June 19 - Citigroup Funding Inc. plans to price one-year Equity LinKed Securities (ELKS) linked to the common stock of Yahoo! Inc., according to an FWP filing with the Securities and Exchange Commission.
The notes are expected to pay an annualized coupon of between 9% and 10%. The exact coupon will be determined at pricing. Interest will be paid semi-annually.
The payout at maturity will be par of $10.00 in cash unless Yahoo! stock trades below the trigger price - expected to be about 75% of the initial share price - during the life of the notes, in which case the payout will be a number of Yahoo! shares equal to par of $10.00 divided by the initial share price.
The notes are expected to price in June and settle three days later.
Citigroup Global Markets Inc. will be the agent.
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